Santander
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Investors are ready to embrace unsecured bank debt yet again — but at double digit new issue concessions
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◆ Global markets search for clues on how long before US rates are cut ◆ Fed path deemed more important than Middle East conflict in dictating primary market tone ◆ Pipeline across capital stack once clarity emerges
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◆ Santander paid 10bp-15bp new issue premium ◆ Lead says paid up more because of market uncertainty ◆ Some bankers argue Middle East conflict ‘had no impact on pricing and execution’
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Agency achieves record tightening, plans at least one other public bond in 2024
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SSAs vie EU for attention as more issuance expected from Flemish Community
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Latest deal came 1bp through fair value, according to the issuer
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UK lender prints largest single tranche covered bond from a foreign issuer since last August
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Early exit from blackout brings first mover advantage, as Swiss market shows it can offer size
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London-listed business closes syndication on acquisition finance
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New July 2054 attracts one of the sovereign’s largest order books, according to lead
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The $2.5bn deal has given issuer more time to think about its next trade
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Banks push longer and tighter but investors keep coming back for more
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◆ Investors lodge big orders so as not to miss current spreads and yields before rate cuts ◆ This sentiment especially strong for sub debt ◆ Mediobanca also issues €300m tier two that was 4.5 times covered
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◆ Spanish bank parent takes out £600m at seven year maturity ◆ Deal comes at a premium to euros but broadens its diversification drive across markets, issuing entities ◆ UK lender OSB Group improves on senior debut
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Demand for its new 10 year trade finished above €137bn
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Scarcity and 'clever tenors' deliver €7.2bn book for ABN as 'pragmaticism' secures €1bn for Santander
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◆ European banks lead issuance with focus on senior funding ◆ Market wobbles prove funding more challenging than expected ◆ Foreign banks’ capital raising is one prominent feature
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Bankers away from deal voiced concerns over level of orders
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In a year dominated by the collapse and takeover of Credit Suisse, financial institutions were keen to re‑establish investor confidence in some of the riskier asset classes. Axa led the way just weeks after the CS rescue with a €1bn subordinated bond. In the autumn, UBS made a bold statement about the stability of Swiss bank capital as it returned to AT1 issuance with two $1.75bn tranches. Elsewhere, banks dealt with tricky conditions and pulled off some skilfully timed transactions, underlining the market’s faith in mainstream currencies and emphasising the appeal of ESG labels
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When the shockwave set off by the failure of Silicon Valley Bank swept the legs from under Credit Suisse, all the talent and relationships of a big investment bank were up for grabs. UBS has tried to hang on to what it sees as the best bits — but the biggest beneficiaries are likely to be rivals. Jon Hay and David Rothnie report
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◆ Authority says banks sport best capital ratios ever thanks to improved profitability ◆ With net interest margins having or close to peak this may be about to turn ◆ Major banks unfazed by higher capital requirements as they boast strong buffers
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◆ First euro AT1 for more than two months as Santander, other G-Sibs went for cheaper dollars ◆ Non-national champion status makes it 'not straightforward' execution ◆ Ongoing strong bid for yield
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Issuance opportunities abound across capital stack but borrowers said to be happy to wait for deeper liquidity
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The Spanish lender is looking to buck the trend among European banks that have tried and failed to build a sustainable presence in US investment banking