Santander

United Internet — Marine Harvest — Heathrow

The European Central Bank's covered bond purchase programme (CBPP3) turned relative value upside down this week, with a French deal pricing inside a similar Swedish offering, among a crop of four new issues.

The senior market awoke this week following a brief hiatus in the aftermath of the European Central Bank and European Banking Authority’s comprehensive assessment of Europe’s banks. While covered supply has been robust during the intervening period, a lack of recent senior issuance helped Abbey, Citi, DVB Bank and Nomura back into the market.

Abengoa Yield, the contracted asset holding company controlled by Abengoa, the Spanish renewable energy company, has launched its first bond since it was listed on Nasdaq in June.

A source close to Santander Chile said that the lender's “non-deal” roadshow will lead to a new issue in the coming days as the LatAm bond market maintains impetus.

Senior bank debt issuance picked up on Wednesday after Citigroup and DVB Bank had re-opened the European market on Tuesday after the European Central Bank's Asset Quality Review.

European companies from beleaguered industries, new to the market or under investor pressure had better think twice before they enter a high yield market willing to teach them a lesson before the year ends.

Santander has built on a strong showing in the European Central Bank’s comprehensive assessment with an impressive set of third quarter results, which included a big rise in earnings for its UK unit and investment bank.

Heathrow has signed a £2.15bn refinancing of its revolving credit and liquidity facilities with a syndicate of 22 banks. The loan comprises a £1.4bn revolving credit facility and a £750m standby liquidity facility.

Great Portland Estates (GPE) has signed a £450m revolving credit facility with a group of seven relationship banks to refinance two loans.

Yorkshire Housing, a UK housing association, issued a £140m 30 year senior secured bond in its bond market debut on Friday. The proceeds will be used to build 1,500 homes.

Mexican government-owned oil company Pemex will visit European investors next week on a non-deal roadshow, a source close to the borrower said.