Santander

How much should you get paid to hold a deeply subordinated chunk of hybrid bank capital with idiosyncratic structural features from, sometimes, darkly storied credits?

Citigroup, HSBC, RBS Citizens and Santander USA have failed stress tests, and face having to resubmit capital plans, after the US Federal Reserve failed them for stress tests.

Telefónica returned to the hybrid capital market on Monday, six months after its €1.75bn transaction in September, to sell another deal of the same size.

Glencore Xstrata issued a €1.1bn seven and 12 year euro bond on Tuesday, as so many industrial blue chips have done in recent weeks, but unlike most of the other deals, it was no blowout. Unlike those deals, Glencore's seven year tranche was better bid than the 12 year.

Banco Santander Totta this week returned to the covered bond market after a four year absence, choosing a three year maturity and a spread that ensured it was an easy choice for risk-averse and yield-hungry investors alike. The €1bn deal is likely to replace central bank funding.

Syngenta, the Swiss agricultural chemicals group, enjoyed keen demand for a rare bond issue on Monday, thanks to its strong ratings and scarcity as a borrower.

Anheuser-Busch InBev, the Belgian-US brewing company, today joined the spate of large companies issuing multi-tranche deals into the present super-hot euro corporate bond market. Its deal was marked by two current trends: the popularity of floating rate notes and of 12 year bonds.

Glencore Xstrata launched a dual tranche seven and 12 year euro bond today, as so many industrial blue chips have done in recent weeks.

Syngenta, the Swiss agricultural chemicals group, enjoyed the keen demand for a rare bond issue on Monday, thanks to its strong ratings and scarcity as a borrower.

Telefónica returned to the hybrid capital market on Monday, six months after its €1.75bn transaction in September, to sell another deal of the same size.

Grupo Aldesa, a Spanish civil engineering and construction company, wants to sell a €250m debut bond to repay debt.

Peruvian real estate company Portales and Brazilian meatpacker Minerva announced roadshows at the end of last week as LatAm continues to enjoy strong borrowing conditions despite a more hawkish US Federal Reserve.