Santander

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.

Rating: Baa1/-/A-

Banco do Brasil brought its debut euro transaction up to €1bn with a well-timed €300m tap this week as the issuer took advantage of a rally in Brazilian paper as accounts dumped Russian risk. And a chunky new issue concession ensured a strong secondary performance, even as comments about quantitative easing and interest rates from the US Federal Reserve put pressure on markets.

Abengoa, the Spanish engineering and renewable power group, wants to issue €400m of seven year senior notes on Friday to prefund a 2015 bond maturity.

Brazilian state-owned lender Banco do Brasil tapped its euro denominated bonds due 2018 for a further €300m on Wednesday after raising around €750m of demand before bond markets dropped on the back of the US Federal Reserve’s latest statement.

Investors jumped on the opportunity to pick up exposure to rare insurance company subordinated debt, as Coface’s €380m 10 year bullet bond was prepped to price inside of comparables on Wednesday.

Investors in long dated senior unsecured debt appeared to have abandoned their yield targets this week, sending coupons below 3% on a Banque Fédérative du Crédit Mutuel fixed rate transaction, amid one of the busiest weeks of activity in the senior unsecured financials market this year.