Santander

Wincanton, the UK logistics company, has added a £40m short term tranche to an existing revolving credit facility, as the coronavirus pandemic has slashed parts of the company’s revenue streams by 70%.

High grade corporate bond investors showed few signs of fatigue on Wednesday, as deals commanded comfortable oversubscription, despite the flurry of issues in recent days.

High grade corporates filled the primary bond market again on Wednesday, with issuance levels this week looking likely to hit almost €20bn on the back of record weekly European Central Bank bond buying.

Santander has hired António Simões from HSBC as its regional head of Europe.

Iccrea Banca said on Tuesday that it had obtained the necessary regulatory approval to call two of its outstanding subordinated bonds, amid debate about the economic merits of leaving capital instruments outstanding.

Santander has surged to the front rank of the EMEA syndicated loan market since the coronavirus crisis began — the bank made a deliberate strategic push.

French car maker Peugeot, rated on the lowest rung of investment grade, amassed €2.3bn of demand for a bond issue on Thursday, enabling it to raise €1bn, after crossover credit Nokia’s success selling debt earlier in the week made it clear that there is demand for issuers with trickier stories.

New issue premiums evaporated in the high grade corporate bond market this week, with multiple issuers printing well through their curve as the world begins to emerge from pandemic lockdown.

Instituto de Crédito Oficial (Ico) was almost seven times covered for its four year Covid-19 social bond on Wednesday, as investors continue to support deals to tackle the pandemic. The European Stability Mechanism could follow with a similar maturity next week, after it sent banks a request for proposals (RFP).

New issue premiums evaporated in the high grade corporate bond market on Wednesday, with multiple issuers printing well through their curve as the world begins to emerge from pandemic lockdown.

Rolls-Royce, the UK jet engine maker, has signed a £1.5bn short term revolving credit facility, as lenders say European and US aerospace companies are having to approach fundraising in vastly different ways.

Royal Bank of Scotland has become the first European bank to issue subordinated debt in more than two months. It took advantage of strong demand in the sterling market this week, with investors confident that the UK lender will be well placed to withstand the economic impact of the coronavirus pandemic.