Santander

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.

Airbus, the French aerospace company, has signed a €6bn sustainability-linked revolving credit facility, with the borrower doubling the size of its bank line after raising billions in emergency liquidity in the spring.

Enagás, the Spanish gas transmission and network company, came to the bond market for a rare trade on Tuesday, as European Central Bank bond buying continues to make syndicate bankers' lives difficult by taking spreads in strange directions.

Compagnie Générale des Etablissements Michelin, the French tyre company, won more than €10bn of demand for its €1.5bn bond issue on Monday. Now a growing number of corporate bankers expect to see European high grade spreads return to pre-Covid 19 levels.

Three banks rode out a volatile bond market this week, printing senior deals amid positive sentiment caused by talks making it seem an agreement about a new US Covid-19 stimulus package was closer on Tuesday.

Soltec Power Holding, the Spanish maker of solar trackers for renewable energy generation, has narrowed the price range for its IPO on the Spanish Stock Exchange, after the deal was covered shortly after the launch of bookbuilding earlier this week.

Bunzl, the distribution and services company, topped off a strong few days by printing a £400m from bulging order books a week after announcing growth in its third quarter trading statement.

A pair of banks made opportunistic moves into a euro market buoyed by positive headlines around a potential US stimulus bill on Wednesday. France’s Crédit Mutuel Arkéa and Japan’s Sumitomo Mitsui Financial Group each tapped for senior paper, raising €500m a piece.

Criteria Caixa is sounding out investors for a new seven year unsecured euro bond: its first at this tenor in over five years.

Swiss duty free operator Dufry has finished its Sfr820m at-market rights issue, which has enabled Advent International and Chinese e-commerce firm to take large strategic stakes in the company.