Santander

Helaba came close to fair value with the pricing for its green and non-preferred senior debut on Wednesday, maintaining a solid order book despite competing supply in euros.

Bank borrowers returned to a stronger euro bond market on Tuesday, but deal arrangers warned of lingering concern over rates and inflation as KBC Group struggled to draw a crowd for a long-dated offering.

HICL Infrastructure, a London-listed infrastructure investment company, has refinanced its £400m revolving credit facility, with the company shifting the benchmark to risk-free rates and adding five sustainability metrics.

Europe’s high grade corporate bond issuers had a tough week in the primary market after inflation fears sent investors fleeing risk.

Muenchener Hypothekenbank (MunHyp) harnessed the growing demand for environmental, social and corporate governance (ESG) paper in the Swiss market to land a tap 7bp through the bid side this week. Elsewhere, Toyota ended a 12 year absence from the Swiss franc market to sell the currency’s first automobile deal of the year.

Peruvian mining company Minsur, which will shortly begin operations at a copper project that almost triples its previous size, has signed a loan with two international banks to finance a buy-back of old bonds. The liability management exercise comes as the leading candidate in Peru’s presidential elections said he wanted to raise taxes and royalties on the mining sector, and nationalise the country’s wealth.

Ryanair, the Irish budget airline, landed a far more solid bond issue on Tuesday than shopping centre operator Unibail-Rodamco-Westfield had a day earlier, as both companies try to recover in sectors ravaged by the coronavirus pandemic.

Banco Santander Chile has promoted from within to replace its departing head of corporate and investment banking (CIB).

A trio of senior borrowers paid minimal new issue premiums in euros this week as Swedbank and AIB Group tapped a sweet spot of demand for bail-inable debt, while Macquarie got attractive pricing compared to its dollar curve.

Santander’s equity capital markets tie-up with Peel Hunt finally provides it with the entry into the UK that it has been seeking while giving the UK broker the firepower to compete with the biggest banks ahead of its planned listing, writes David Rothnie.

Market participants expect to see the end of “vanilla” deals in the European bank bond market, as tier two debt becomes the latest asset class to embrace call periods over call dates.

Macquarie shed over a third of its order book on Wednesday as it priced its third euro deal in 18 months at what was deemed a “very tight” level. It was joined in the senior market by Swedbank, which was issuing its first callable non-preferred bond.