Santander
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UK electricity distributor Electricity North West, which manages electricity networks in the north west of England, has started marketing US private placements. However sources are worried the market will not cope with pricing transactions amid wild swings in Treasury yields. -
Volatility in the financial institutions bond market drove spreads even wider on Monday as a crash in the price of oil added to fears over the extent of the coronavirus outbreak. It was enough to close the primary bond market for the foreseeable future, said market participants.
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Lloyds Banking Group is giving investors a chance to switch out of a legacy tier two and into a new instrument, without the basic terms of their securities changing.
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Banks are delaying their plans to raise funding in the euro market, as credit spreads drifted wider on news about the spread of the Covid-19 coronavirus.
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Spain was able to raise €5bn of 30 year paper on Tuesday, braving difficult market conditions to close the deal. While the trade was a success, the sharp fall in the order book at the final spread indicated some investors are beginning to push back on price.
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Santander UK is looking to buy back part of a subordinated bond issued in 2013 in a bid to “optimise its regulatory capital structure”.
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Spain has announced another trip to the ultra-long end, electing to come to market in spite of volatility sparked by increased fears around the spread of coronavirus.
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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.
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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.
