Santander

Usual fourth syndication to follow after the summer

◆ Coventry Building Society orders reached £4bn ◆ Banco Santander finds price sensitive investors ◆ New issue premiums vary

Issuer prices flat to secondary curve as investors chase Spanish agency bonds

◆ Market volatility no hindrance for foreign and domestic FIG issuers ◆ They take advantage of favourable conditions ◆ May volume to end more than 80% higher compared with a year ago

Deal turned out larger than some had expected

Austria, France and Portugal opt for the same window

Investors propel Banco BPM’s and Santander’s combined books to over €5.6bn

Leads saw no new issue premium paid by the issuer after 3bp of tightening

Three year floating rate covered deals pricing flat to fixed rates

Santander shows big AT1 deals work best alongside tender offers

◆ Deal sizes demonstrate investors’ ample appetite for FIG subordination ◆ ING tier two clears at FV while riskier Santander and Erste AT1s come with ‘strategic’ premium ◆ Both euro AT1 issuers launch simultaneous tenders ahead of AT1 calls

After CVC's successful IPO last week, Spain's Puig has taken this week's spotlight