Santander
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Northern Powergrid (North East) postponed a sterling bond issue on Thursday a day after a housing association trade limped over the line, leaving bankers trying to decipher what caused the market to collapse this week. -
Crédit Agricole has hired the former head of Santander's global banking and corporate finance business, Georg Orssich, in a regional management position.
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Santander intends to enhance its fixed income offering in the US by buying Amherst Pierpont Securities, a broker-dealer based in New York, for $600m.
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Anchor Hanover, the UK’s biggest retirement home company, hit the sterling market on Wednesday with a debut sustainable bond, as it continues to shift its capital structure towards socially responsible finance.
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The UK impressed onlookers with its sale of the second syndicated conventional Gilt of its 2021/22 financial year on Tuesday.
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A2A, the Italian utility, has signed a €500m sustainability-linked revolving credit facility, as the company shifts large parts of its capital structure to key performance indicator-driven pricing.
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The disparity between ratings and spread levels was highlighted in the euro high grade corporate bond market on Wednesday, after German conglomerate JAB Holdings opened books on a deal 40bp wide of lower rated Italian utility A2A, despite the same maturity and size.
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A trio of green labelled debuts attracted “slim” demand on Wednesday, as the three senior deals had to compete with a flurry of other trades for a slice of the shrinking pre-summer investor pool.
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Banco Santander is out in the Australian dollar market with its debut Kangaroo bond, and with constructive conditions on offer, further supply could follow.
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Royal Bank of Canada has sold the third Canadian covered bond in sterling this year, landing its £1.25bn deal at a spread identical to those of its two peers. Meanwhile, Münchener Hypothekenbank is set to join the sterling spree in the coming days with the first fixed rate covered bond in the currency since 2018.
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A succession of debut labelled deals are filling the FIG pipeline as issuers look to make use of the last window ahead of the summer break. ESG bonds from SpareBank 1 SR-Bank and Banco BPM are set to join the already mandated Banca Popolare di Sondrio and Arion Bank in the market later this week.
