Santander
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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.
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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.
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High grade bond investors had a plethora of trades to pick from on Wednesday, as corporate bankers say May is shaping up to be a breakneck month for issuance.
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Shell, the Anglo-Dutch oil major, printed €2bn of bonds with a single digit new issue premium on Tuesday, becoming the latest euro issuer to hit the market twice in quick succession to exploit tightening secondary spreads.
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Banco Santander and Rabobank led senior bond supply in Europe this week, both issuing well-received non-preferred deals while Crédit Mutuel Arkéa went for the preferred format. National champions and other strong banks are lining up to issue while market conditions are conducive for deals, but lesser credits remain on the sidelines.
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The European Investment Bank and the Region of Madrid stood out in the public sector bond market this week, with the former achieving its biggest ever order book for a euro benchmark.
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Banco Santander wasted no time in heading to the non-preferred senior market this week, with investors responding well to the way in which European banks have been dealing with the coronavirus pandemic in their first quarter results.
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The European Investment Bank achieved its biggest ever order book in euros on Tuesday, as it sold its first seven year benchmark of the year.
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Crédit Mutuel Arkéa paid a 'generous' 7bp of new issue premium for a preferred senior bond on Tuesday, taking advantage of a quiet market to attract attention from investors.
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The region of Madrid and the European Investment Bank are both marketing seven year euro deals, with the former preparing the first green labelled bond by a Spanish government entity. Elsewhere in the euro public sector bond market, Ontario Teachers’ Finance Trust is moving forward with its first bond in the currency.
