Santander
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Five banks and insurers from across Europe issued senior debt this week, including two in green bond format, as they tried to find opportunities in a choppy market. Athene Global Funding, Banco de Sabadell, Virgin Money, Santander and Hypo Noe all priced deals. -
Green bonds made up the majority of the supply in the euro bank bond market on Thursday, with Hypo Noe and Santander capitalising on strong demand for the asset class.
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Virgin Money secured its first foothold in the euro market on Wednesday, selling €500m of senior debt from its holding company as part of a deal that had been initially been postponed because of Covid-19 concerns.
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UniCredit jumped into the euro market to raise senior funding at a pricing level it found much more familiar than recent elevated levels this week, while BPER Banca gave investors their first chance in several months to buy a new issue from a second tier Italian bank.
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Market participants expect European banks to take a large chunk of funding through the European Central Bank’s Targeted Longer-Term Refinancing Operations (TLTRO III) programme, hitting covered bond supply levels. But issuance in other asset classes should remain unaffected as banks follow through with their funding plans.
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BPER Banca opened books for its inaugural sale of senior debt on Wednesday, giving investors their first chance to buy into a new issue from a second tier Italian bank during the Covid-19 pandemic.
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The UK Debt Management Office launched a syndication on Tuesday, printing a new October 2050 line and raising £9bn.
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Northern Powergrid, the UK energy distribution company, brought the longest sterling deal of the year so far with a 42 year trade on Tuesday, as syndicate bankers say that European investors are keen to see more long duration trades.
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UniCredit is only the second Italian bank to have accessed public primary bond markets during the coronavirus pandemic, but other lenders from the periphery of the eurozone are now lining up to bring deals of their own.
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A subsidiary of China National Chemical Corp (ChemChina) has returned to the market for an €860m dual-tranche loan.
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Crédit Mutuel Arkéa, Deutsche Bank and Mitsubishi UFJ Financial Group this week sourced environmental, social and governance senior funding in euros, amid a shortage of supply in the format.
