Santander

Latin American bond bankers said the blow-out 10 year issue printed by meatpacker JBS on Monday showed several Brazilian issuers were more comfortable with issuing conditions since the sovereign's downgrade by Standard & Poor's last week.

The second quarter of the year is looking set for some major landmarks in peripheral eurozone sovereigns’ journey back to market normality, after Portugal outlined details for a return to bond auctions and talk of an imminent benchmark from Greece reached fevered levels.

Banco Popular Español (BPE) issued the third Cédulas of 2014 and at €1bn, the issuer’s largest covered bond in three years. Though it was by no means the most attractive spread this year it was less than half the average of its previous three deals.

Property company British Land has raised almost £1bn of debt with a revolving credit facility and a private placement, bringing the total debt it has raised in the last 12 months to £1.5bn.

Latin American bond bankers said the blowout 10 year issue printed by meatpacker JBS on Monday showed several Brazilian issuers were more comfortable with issuing conditions since the sovereign's downgrade by Standard & Poor's last week.

Every Japanese investor that Brazil met on a roadshow in December asked the sovereign to issue yen bonds, said Paulo Valle, Brazil’s deputy treasury secretary, in the wake of the sovereign’s first euro bond issue since 2006.

Anheuser-Busch InBev, the Belgian-US brewing company, on Wednesday 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.

The European corporate bond market had already seen plenty of fireworks by Wednesday but there was no let-up on Thursday.

A ratings downgrade proved a surprise benefit for Brazil as the sovereign made its expected return to the euro market four days after Standard & Poor’s dropped it to BBB-.

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.