Santander

Nationwide Building Society has thrown its hat into the ring for selling additional tier one debt, mandating lead arrangers to gauge interest in what would be the first such deal to be denominated in sterling and the first AT1 paper to be sold by a non-bank institution.

Gas Natural Fenosa, the Spanish gas and electricity company, issued on Thursday the first Spanish corporate bond of the year, and was swamped with a €5bn order book for the €500m no-grow issue.

BP continued a busy month of bond issuance on Tuesday with a €2bn issue, which echoed in scale the €2.5bn dual trancher it sold in February 2012.

Peripheral eurozone sovereigns, regions and agencies are gaining access to ever more diverse pools of liquidity — including conservative investors in long tenors — as yields hit historic lows and spreads scream in towards the core. But even more fuel could be added to the rocket powered rally, as growing tensions in Ukraine force investors to jettison emerging market debt and snap up the periphery’s paper.

Peripheral eurozone sovereigns, regions and agencies are gaining access to ever more diverse pools of liquidity — including conservative investors in long tenors — as yields hit historic lows and spreads scream in towards the core. But even more fuel could be added to the rocket powered rally, as growing tensions in Ukraine force investors to jettison emerging market debt and snap up the periphery’s paper.

Mexican microfinance company Crédito Real may make a second attempt at an international bond issue as a part of a liability management exercise, but LatAm banks remain starved of supply despite claiming conditions are ripe for a blue chip issuer to lift issuance volumes.

Pent-up demand for additional tier one debt should ensure a warm reception next week for planned deals from Santander and Danske Bank. Both banks are planning to sell euro-denominated AT1 debt after roadshowing their deals early next week, and investors are primed to gobble the paper down.

A strong US investment grade market is a sign to top-rated Latin American corporates that they can reopen bond issuance, say senior LatAm bankers.

BP continued a busy month of bond issuance today with a €2bn issue, which echoed in scale the €2.5bn dual trancher it sold in February 2012.

Multi-billion euro tobacco bonds are rare, but this week has produced two in as many days. They nearly came on the same day, but Imperial Tobacco decided discretion was the better part of valour yesterday when Philip Morris International got into the market ahead of it, before 8am London time.

Banco Santander Chile will buy back Ps118.409bn ($219m) of its global peso bonds due 2020 after bondholders agreed to tender at par 80% of the Ps148.838bn outstanding.

The Brazil sovereign has mandated for fixed income investor meetings, having seen Odebrecht Oil & Gas (OOG) re-open the LatAm dollar bond market in emphatic style on Thursday. The Odebrecht deal broke a new issue drought from the region that had lasted since January 31.