Santander

Isolux Corsán, the Spanish energy and construction firm, pulled its €600m IPO on January 29, in the first blow to what has been Europe’s strongest ECM region so far this year.

Santander was able to benefit from a strong bid for paper from the eurozone’s periphery this week, drawing a strong order book for a deal through its Santander Consumer Finance Subsidiary — bankers pointed to a more reassuring political situation in Greece as a reason to expect more deals from the region in the coming weeks. Meanwhile, Nordea was also able to appeal to investors with the first Scandinavian senior print of 2015.

The rally in government bonds since the European Central Bank announced its sovereign quantitative easing programme at the end of January has restored relative value in core European covered bonds. Though yields remain low, BPCE and Belfius Bank this week issued benchmark deals that enjoyed exceptionally good demand that was boosted by the return of real money rates investors to covered bonds.

Santander is set to sell the first senior unsecured deal from a bank in the periphery since January 12 on Wednesday. The issuer, selling the bonds through its Santander Consumer Finance subsidiary, drew a large order book for the trade, benefiting from improved sentiment on peripheral credits and its own strong fourth quarter results.

Heathrow, London's largest airport, issued a €750m 15 year class A secured bond on Tuesday, extending its euro curve by eight years. Despite the bonds arguably being priced through Heathrow's euro curve, the deal was more than three times oversubscribed.

Banco Santander made €5.82bn attributable profit in 2014, as its gross profits rose in all its nine key markets, for the first time since 2007.

Isolux Corsán, the Spanish energy and construction firm, last night pulled its €600m initial public offering, in the first blow to what has been Europe’s strongest ECM region so far this year.

Instituto de Crédito Oficial (Ico) has scored a hat trick with the first ever socially themed bond from a Spanish public sector borrower — printing the largest ever deal in the format, squeezing its spread over Spain to single figures, and welcoming new investors. That could encourage other issuers to add the social format to their funding mix, said bankers — although there were more reasons for Ico’s success than just altruistic investors, including the European Central Bank’s new quantitative easing programme.

Richmond Housing Partnership, a housing association based in southeast England, issued £140m of bonds with an average life of 30.75 years on Thursday. Its 3.25% coupon was the lowest yet achieved on a 30 year bond issued by a housing association in its own name, according to the issuer.

Adveo — Nidera — Stanbic Uganda

Richmond Housing Partnership, a housing association based in southeast England, issued £140m of bonds with an average life of 30.75 years on Thursday. Its 3.25% coupon was the lowest yet achieved on a 30 year bond issued by a housing association in its own name, according to the issuer.

Adveo, the Spanish stationery supplier, has secured a €115m five year loan. The deal went ahead smoothly despite any concerns over eurozone politics, a spokesperson for the company said.