Santander

AT&T, the US telecoms company, broke new ground in the European bond market on Wednesday by issuing a €2bn perpetual non-call five year preferred security.

UniCredit was greeted with more than €7bn of demand for a new additional tier one in the euro market on Wednesday, as the bank appeared to take its first steps towards including subordinated debt as part of its stack of Pillar 2 capital.

Banco BPM tightened pricing by nearly 30bp for its debut non-preferred senior bond on Tuesday, with investors backing Italian credits as a source of value compared with other assets in the euro area.

Banco Santander was the only financial issuer in the sterling market on Tuesday, tapping the currency for a non-preferred senior bond. Sterling has made a 'rocket start to 2020', according to FIG market participants.

Akelius Residential Property, the Swedish property company, ratcheted in the yield on its hybrid capital issue by 50bp on Monday, setting the stage for a romping week of similar issuance as further names line up deals.

The Reverse Yankee market could be set for another strong year in 2020, with Wells Fargo adding last week to an already encouraging running supply total in the format.

Caffil, Santander Consumer Finance and Hamburger Sparkasse enjoyed exceptionally strong receptions for what were tightly priced covered bonds issued this week.

Santander Consumer Finance in Germany attracted excessive demand for its debut benchmark Pfandbrief which offered a considerable pick-up over swap rates. However, demand was more tentative for La Banque Postale’s 15 year, possibly due to renewed volatility in rates.

Barclays surprised some market participants this week when it said that it would not be calling one of its legacy tier one securities at its first call date in March.

The Republic of Poland has printed €1.5bn 0% 2025s on Monday, selling the deal at 100.512 to give the first ever negative yield in euros — minus 0.102% — from any global EM issuer.

The UK's Golding Homes has signed credit facilities totalling £120m, as one of the southeast's biggest social housing providers looks to develop hundreds more homes in the region.

The Republic of Poland pulled in €6bn of orders for a five year benchmark bond on Monday, with the issue four times covered as coronavirus fear still ripped financial markets.