Santander
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Santander’s S3 business is set to join up with Crédit Agricole’s CACEIS, as the two banks look to merge their custody and asset servicing operations, a growing area of revenue for banks. -
Gaab retires from Deutsche — Bank of America nabs FIG banker from Morgan Stanley — Credit Suisse bumps up IG trading team
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BBVA has hired a former MTN banker at Santander as a director in its liability management team.
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Another day, another Santander call option. The bank revealed this week that it will call its 6.375% $1.5bn additional tier one perpetual note. In February it became the first bank ever to extend the life of an AT1, but its move this week gave market participants better insight into how it is likely to treat call decisions.
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Hungry for some social purpose, and perhaps a longer maturity, investors hoovered up Yorkshire Water’s first sustainable bond on Thursday. This allowed the UK utility to tighten the pricing to fair value or even tighter.
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Ineos, with a split high yield/investment grade rating, announced a drive-by €770m seven year non-call three bond issue on Monday, refinancing its 4% 2023 bond of the same size.
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Thames Water’s latest crop of holding company private placement debt issues contains language to protect investors from the effect of a Labour government — and particularly leader Jeremy Corbyn's vow to renationalise the water companies. Debt issued under the new documents features a ‘nationalisation event’ that would make it repayable immediately. Owen Sanderson and Silas Brown report.
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The Basque Government was able to tighten pricing by 5bp from initial price thoughts as it received soaring demand for its 10 year sustainable bond on Tuesday — its biggest public issue since 2009.
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Spain’s Abertis Infraestructuras has shifted the obligations of around €9.97bn of loans to itself from its holding company, with the toll roads group immediately paying down a sizeable portion of the debt.
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USJ Açucar e Alcool, the Brazilian sugar and ethanol company, is giving bondholders an extra two weeks to receive the early bird price in a debt exchange that Fitch says is likely needed to avoid default.
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Diageo, the UK distiller and brewer, followed its recent habit and issued a multi-tranche bond on Monday — but with a difference. It included sterling notes for the first time since 1995.
