Santander
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Santander reckons it can harness the power of hydrogen to boost its standing in corporate and investment banking, building on its ESG credentials in similar way to how rivals built supremacy during the internet boom, writes David Rothnie. -
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A book of more than €55bn for a €10bn bond priced with a new issue premium of 1bp would be a gratifying outcome for any sovereign issuer. But Wednesday's syndication for Spain instead attracted robust criticism over price moves during bookbuilding which derailed what was on course to be the biggest order book in bond market history.
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NorteGas, the Spanish gas distribution company, won strong demand from investors on Thursday, despite syndicate bankers worrying that the market was softening.
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The high grade corporate bond market was again packed with deals on Wednesday, with syndicate bankers expecting no let-up in activity and the week to end on a bang.
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UniCredit raised €2bn of preferred senior funding with a careful trade on Tuesday, as investors come to terms with a new pricing paradigm in the bank bond market.
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The first public deals of the year in the long end of the euro curve from the supranational and agency sector arrived on Monday, with the trades receiving huge demand and pricing exceptionally tight to secondary levels.
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Société Générale failed to match BNP Paribas for demand in the sterling market on Monday, after following its peer by launching a new non-preferred senior trade in the currency.
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The European investment grade corporate bond market took a break for the Epiphany public holiday across the continent on Wednesday, but syndicate bankers say deals will flow thick and fast throughout early January.
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Europe’s corporate bond market was teeming with life again on Thursday after a brief pause for public holidays as German pharmaceutical company Bayer and UK energy company National Grid drummed up bulging order books in euros and sterling.
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Standard Chartered and Crédit Agricole jumped into the long end of the yield curve on Tuesday, as the pair looked to harness the desire for long-dated dollar debt.
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Banco Santander has become the 14th primary dealer in the domestic Colombian government bond market, said the finance ministry, representing the first expansion of the sovereign’s market makers since 2016.
