Santander

Fomento de Construcciones y Contratas's shareholders approved a €1bn capital increase at an extraordinary shareholders meeting on Thursday in Barcelona, allowing the Spanish building and environmental services company to begin restructuring a €4.5bn loan.

Italian power utility firm Enel has decided to raise the number of shares it is selling in Endesa, after finding strong demand from investors.

A fire in its largest factory in Spain has led meat processor Campofrio to abandon plans to issue a bond to refinance senior unsecured notes maturing in 2016.

Fomento de Construcciones y Contratas, the Spanish building and environmental services company, is close to reaching agreement with its creditors on a debt restructuring, according to a spokesman for the company.

Brazilian meatpacker Marfrig Global Foods will hold another day of investor calls on Tuesday ahead of a planned dollar deal that will be used to buy back existing bonds.

Publicis Groupe's $3.5bn loan for its acquisition of Sapient, the marketing and consulting company, is near closing, according to a banker working on the deal. A syndicate of relationship banks has been invited.

Santander returned to covered bonds this week with its first deal in nearly two years which, by virtue of its sheer size and duration, was remarkable. The two tranche deal included a 20 year piece that has not been seen in covered bonds for seven years. This was targeted to asset managers and insurers in the private sector — in sharp contrast to many other deals such as a €250m four year tap from LBBW that the Bundesbank mostly bought. The trades rammed home the distortion the European Central Bank's purchase programme (CBPP3) is causing the covered bond market which market makers said had potential to cause considerable mark to market pain.

Spain's Gas Natural issued its first hybrid capital bond on Wednesday, raising €1bn, after a two day roadshow.

Faurecia, the French car parts manufacturer, has refinanced a €1.15bn undrawn loan facility, hiring 10 banks.

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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.