Santander

A trio of Spanish banks hit the euro market this week, led by a popular offering of non-preferred senior bonds from CaixaBank.

Rating: A-/Baa1

Investors piled into deals for Spain and Italy on Wednesday despite the miniscule yields on offer, as the spectre of further easing of monetary policy looms large over the market.

BBVA and Santander came to the euro-denominated FIG market on Wednesday to make use of favourable conditions, proving that it is deep enough to digest supply from two issuers from the same country. Both banks priced their deals close to or at fair value.

CaixaBank was able to attract orders of more than €3.85bn for the issuance of its seven year senior non preferred bond on Tuesday, more than three times the deal size.

Peru will meet fixed income investors in the US on Tuesday and Wednesday as the new second best rated sovereign in Latin America prepares a dual currency bond offering that would include its first visit to dollar markets since 2015.

A unit of China National Chemical Corp (ChemChina) has returned to the loan market for a two-tranche borrowing of €550m.

Mitsubishi UFJ Financial Group has appointed a banker from Santander to lead its sector coverage for the technology, media and telecommunications (TMT) industries in Europe, the Middle East and Africa.

The US holding company of Spain’s Santander made its first trip to the dollar bond market in almost six months, as issuers made the most of improving conditions.

Redexis, the Spanish natural gas distribution company, is making its first step into sustainability-linked borrowing, while amending and extending its revolving credit facility.

MasterCard ventured into volatile markets on Tuesday to print its first bond since February 2018, but investors paid the price as spreads widened.

The City of London Corporation, via its endowment fund ‘The City’s Cash’, is set to enter the US private placement (PP) market for the first time. The funds will be partly used to finance the consolidation of the Billingsgate, Smithfield and Spitalfields wholesale food markets at a new site in Dagenham, Essex.