Santander

Two more instalments in the unfolding saga of the corporate floating rate note appeared this week, with a €500m 4.9 year deal by Société des Autoroutes Paris-Rhin-Rhône on Tuesday and a €300m three year by Volkswagen Bank on Wednesday.

Compagnie de Financement Foncier (CFF) came to market with its second Obligation Foncière of the year on Tuesday, matching the previous deal’s €1bn size — but this time in a 10 year maturity, rather than five year tenor.

Santander, the eurozone’s largest bank by market capitalisation, saw year-on-year profits grow by 8.1% to €1.3bn in the first quarter of 2014, the highest in the last eight quarters, in what the bank said illustrated its “return to more normal levels” of profitability.

A global-local currency bond proved to be one ambitious step too far for a hot LatAm market on Thursday as the Dominican Republic failed to garner enough interest to sell a Dominican peso-denominated bond. But bankers away from the deal praised the sovereign’s first 30 year issue as strong liquidity continues to support high yield issuers.

Two contrasting equity-linked issuers received very different receptions as the convertible bond market re-opened this week.

Peruvian agribusiness Camposol is looking to price a tap of its 2017s later in the week as traders say the market remains supportive to LatAm issuers.

Brazilian cement company Votorantim Cimentos completed its second debt liability management exercise of the year last week after nearly 60% of investors holding the company’s €750m notes due 2017 agreed to sell their paper.

Liability management transactions continue to dominate Brazilian bond supply, with regulars Braskem and Votorantim raising money for buybacks on Wednesday.

Both of Thursday’s new bond issues from Latin America traded up on Friday as the rally in the region shows no signs of slowing. And bankers heard at least two new borrowers were planning deals to take advantage of strong demand for LatAm credit.

A quiet first quarter of FIG issuance from Latin America has drawn the region’s banks into a bond market that has delivered tightly priced bonds, said bankers. Santander Chile and Brazil’s BNDES benefited this week, with BNDES’s deal of particular encouragement to other Brazilian bank issuers, according to DCM bankers in the country.

The fastest book build one syndicate banker has ever seen helped Endesa Chile to a first international bond in nearly two decades on Thursday as a universal tightening in LatAm credit entices borrowers from the region into the market at a rapid rate.

Carl Bassili has joined Société Générale as a senior coverage banker in charge of global relationships and strategic advisory for a portfolio of large French corporates.