Santander

Bovis Homes hits debt and equity markets — IAG swoops on €1bn Air Europa — Northern Irish HA sells US private placements in market first

Santander Consumer Finance (SCF) had plenty of momentum in its order book as it looked to extend its maturity curve in the preferred senior bond market on Wednesday.

Dufry, the world’s largest travel retailer, issued €750m of senior unsecured notes on Wednesday to buy back its outstanding €700m of 4.5% notes, due in 2023, and pay back a small slice of its revolver.

The UK’s Inspired Energy, an energy procurement adviser, has signed a £60m facility from two lenders, as some loans bankers say the best way to deal with the shifting Brexit goalposts is to keep pushing ahead with sterling deals.

Cellnex, the Spanish telecommunications company, has closed the books on its cash call to fund its acquisition of Arqiva's tower business, attracting huge levels of demand for shares.

A year on from the botched appointment of Andrea Orcel as CEO, Santander is pressing ahead with the next phase of its investment banking strategy, writes David Rothnie.

Dechra Pharmaceuticals, the UK veterinary pharmaceuticals company, has entered the US private placement (US PP) market, according to sources, in a debut set to test institutional appetite for the sector.

Guarantor: Kingdom of Spain

The short end of the euro curve is becoming the new sweet spot for public sector borrowers, according to SSA bankers, despite the deeply negative yields in these maturities. The European Stability Mechanism (ESM), Instituto de Crédito Oficial (Ico) and Investitionsbank Berlin (IBB) are all enjoying strong outings with three or five year tenors this week.

The UK Treasury’s decision to raise the cost of borrowing for local authorities has caused quite a stir in private placement markets, as players realise institutional investors are prepared to offer debt at more attractive rates than the Public Works Loan Board (PWLB). But the more adventurous local authorities may find capital markets a tougher pitch to play on, writes Silas Brown.

Prosus gets JP Morgan loan for £4.9bn Just Eat order - GoCo switches to bigger loan deal - Schroders adds ESG targets to revolver - AerCap secures revolving debt until 2024 - Nottingham set to be third UK university to sell US PP notes this year

AerCap Holdings has amended and extended its revolving credit facility, with the Dutch aircraft leasing company bumping up the size of the deal to $4bn and stretching out the maturity.