Santander
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Santander UK took advantage of improving sentiment in the euro market to launch a new senior bond from its holding company on Friday, while Hamburg Commercial Bank announced its intention to raise tier two capital. -
Three banks seized a favourable backdrop in the bond market to sell senior bonds this week, finding a warm welcome for maturities from three to six years.
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UBS has made several senior staff in Spain redundant, including Madrid-based DCM managing director Daniel Vazquez Villanueva, GlobalCapital understands. The cuts came as part of a general redundancy round last year, but revenues from the region have been hurt by a hard stop in business from Santander after it decided not to hire former UBS investment banking boss Andrea Orcel as chief executive.
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Madrid hit the market with a 10 year sustainable bond on Tuesday, raising €1.25bn at its tightest ever spread to the Spanish sovereign, selling into its largest ever book.
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Two public sector borrowers hit screens with new issues on Monday, with Belgium choosing a 20 year and Madrid opting for a 10 year sustainable bond.
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Société Générale was two times subscribed for a new €1.25bn preferred senior bond on Monday, showing that investors still have plenty of appetite for the lower-yielding asset class.
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Santander Consumer Bank AS was well supported for a rare offering of preferred senior debt at the beginning of the week, as market participants suggested that spreads on Norwegian bank bonds could have room to tighten further.
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Deutsche Bank secured a remarkable comeback this week with its first additional tier one transaction in nearly six years. But investors are now asking themselves whether the German lender’s next move in the asset class will be to extend the life of one of its outstanding bonds, writes Tyler Davies.
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US telecoms company AT&T brought a new type of hybrid deal to Europe’s corporate bond scene this week, as dwindling spreads created seemingly contradictory sweet spots for issuance across the market.
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Italian banks have been piling into the primary bond market in the first quarter, capitalising on an incredible rally in the sector as investors look for new sources of value.
