Santander

NatWest Group and Société Générale reopened the additional tier one (AT1) market to some fanfare this week, as investors showed they were hungry for yield by snapping up the deals.

Toyota Motor Credit Corp, the Japanese car finance company, opened books for a £500m six year bond on Thursday, as syndicate bankers said next week’s new issue market would be busy.

Canal+ Polska, the Polish satellite TV network, has pulled its IPO on the Warsaw Stock Exchange, despite the strong momentum behind emerging market equities.

Deal arrangers expect banks will take advantage of a positive tone in the euro market by bringing forward their plans for non-preferred senior issuance, following in the footsteps of CaixaBank and ING Groep on Tuesday.

Klépierre, the French shopping centre operator, and car finance bank FCA Bank pulled in solid bond issues on Monday, as a wave of market-friendly news is expected to increase opportunistic issuance in the coming weeks.

European issuers are set to return to the subordinated debt market this week, following the confirmation of Joe Biden’s victory in the US election on Saturday. First off is NatWest Group, which reopened the additional tier one (AT1) market on Monday with its first venture into sterling.

Three banks launched new senior deals in euros on Monday, taking advantage of a jubilant tone in the market following Joe Biden’s victory in the US presidential election. That sentiment received a further boost during the morning trading session when Pfizer and BioNTech revealed successful Covid-19 vaccine trials.

Leonine, the German film and television production company, has signed loans totalling €189m, as some lenders say the market is likely to wind down early this year after the feast of bridge financings in the second and third quarters.

Lloyds Bank has amended the terms of its consent solicitation for two of its additional tier one (AT1) notes, after failing to reach a quorum at its first bondholder meeting. It now plans to use a different spread methodology to calculate the switch over from Libor to Sonia.

Santander began phasing Libor out of two of its outstanding additional tier (AT1) one notes this week, having appointed NatWest Markets to lead the process to restructure the bonds to reference Sonia.

Shares in Spanish solar equipment maker Soltec Power have surged in the aftermarket despite the immense market volatility this week sparked by a surge in coronavirus cases across the European continent, amid huge investor interest in the renewable energy space.

NH Hotel Group, the Spanish hotel chain, has extended its revolving credit facility, but three lenders have pulled out of the deal, which has been reduced in size by €14m to €236m.