Santander
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Uruguay’s timing to bring a deal after a rally in its bonds on Monday allowed it to chose size over price on its return to international debt markets. -
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Hoffmann-La Roche, the Swiss pharmaceutical and medical diagnostics group, on Wednesday launched its first public euro bond since 2012, and achieved remarkably tight pricing.
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Madrid mandated banks for a euro deal on Tuesday, with SSA bankers confident that Greece’s discussions with creditors will not impact other eurozone periphery borrowers.
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Canal de Isabel II Gestión, the municipal utility company that supplies water and waste water services to the Madrid region, issued its first euro bond, a €500m 10 year, on Tuesday. The deal found plenty of demand, getting €3.3bn of orders.
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Spanish civil and engineering company Grupo Actividades de Construcción y Servicios announced a €2.4bn five year loan today with a syndicate of 43 banks. The deal took three months to complete, which is unusual in the Spanish market, where deals usually take three weeks, said one Spanish banker.
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Santander has appointed a head of MTNs and structured notes, hiring a seasoned MTNs banker from a rival firm after its previous desk head moved elsewhere in the bank.
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Investors clamoured for the chance to pick up senior paper in an undersupplied sterling market this week, with order books swelling for Abbey National Treasury Service’s first deal in the currency in 2015. Low euro yields are encouraging both domestic and international investors to look at opportunities in sterling, according to syndicate bankers.
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Smurfit Kappa Group, the Irish packaging group, priced a €250m 10 year high yield bond on Wednesday evening that found solid demand, after announcing higher earnings and revenue for 2014.
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Shares in Aena, the largest airport operator in the world by transit numbers, shot up 20.6% on Wednesday when they began trading in Madrid, as investors, many of them dissatisfied with their shrunken IPO allocations, scrambled for shares in the aftermarket. The shares climbed another 5% on Thursday morning, before sliding back to close at the same level as Wednesday night.
