Santander
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UK public transport group FirstGroup has signed an £800m refinancing loan. -
Financials shrugged off a short week to print €4.5bn of senior euro debt in just two days, as issuers looked to hit the market ahead of next week’s ECB meeting. The promise of more attractive new issue premiums than in recent weeks helped to buoy the trades, with issuers showing growing willingness to pay up slightly to grab investors’ attention.
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Wells Fargo gathered strong interest for a 10 year euro benchmark on Wednesday, investors were attracted to the deal by a healthy outright yield. Santander Consumer Bank decided to hit the other end of the curve, selling two year debt.
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Adif Alta Velocidad, the state-owned company that owns Spain’s high speed rail network, issued its first bond on Tuesday. Despite difficult market conditions, it raised €1bn of 10 year money – just as Carlsberg Breweries did on the same day.
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LatAm bond markets finally began to show signs of softening in the second part of the week but food conglomerate BRF Brasil Foods showed there is still strong appetite for well thought out deals on Thursday.
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Citi is set to continue a run of highly oversubscribed 10 year bonds, announcing a self-led trade on Thursday morning. Like deals from BNP Paribas and Crédit Agricole earlier in the week, the deal has drawn a bumper book, even as the 10 year bonds from the two French banks continue to trade wide of initial levels.
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Heathrow, the UK’s largest airport, joined the opportunistic euro bond issuance spate on Tuesday and achieved an astonishing success.
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Santander and UBS both took to the Reg S market on Thursday to sell subordinated debt to dollar hungry European and Asian investors.
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Liability management transactions from BRF Brasil Foods and Fibria Celulose have brought the number of Brazilian companies to issue new bonds to finance tender offers for existing paper up to six in 2014 as borrowers rush to take advantage of low rates.
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Santander is making a return to the additional tier one market for the second time in two months, getting in front of any potential surge in supply that may come from other banks, including Deutsche Bank, in the subordinated market in coming sessions.
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Food conglomerate BRF Brasil Foods is likely to bring a new dollar bond to market soon after announcing a tender offer for outstanding debt subject to financing on Wednesday morning.
