Santander

Spanish banks were among the best performers in the debt and equity markets on Wednesday, after the country’s Supreme Court surprised market participants by reversing a ruling that would have meant that lenders were liable to pay stamp duty on mortgage loans.

Coca-Cola European Partners opened the European corporate bond market on Monday with its third visit to the market since the company was created in 2016. The €400m nine year bond was three times subscribed.

There is increasing confidence among market participants that the European Central Bank will renew its policy of providing banks with cheap financing, given the arrival of tougher issuance conditions and more stringent liquidity requirements.

Northern Gas Networks (NGN), the UK gas distribution company headquartered in Yorkshire, has sold £200m of US private placements notes, pricing at a tighter margin than what it could achieved from a sterling bond, said a US PP market participant.

As investors push on with fighting the Banco Popular resolution decision, Pimco has succeeded in convincing a New York District Court to extract information from one of Santander’s US arms — but failed to convince to the court to force any transparency from the Spanish bank itself.

Distribuidora Internacional de Alimentación, a recently downgraded Spanish discount food retailer that issued a profits warning last week, saw its outstanding bonds fall further in the secondary market despite providing a glimmer of good news.

The Autonomous Community of Andalusia this week became the first Spanish region to return to the capital markets while still under the central government’s Regional Liquidity Fund.

Conor Hennebry has quit Deutsche Bank to head Santander’s European debt capital markets business.

Rating: Baa2/BBB+/BBB

Santander did well to attract an oversubscribed order book for its €1bn 10 year Cédulas on Thursday — even as Spanish bank debt and equity was sold off after the country's supreme court ruled that banks are liable for mortgage documentation taxes.

The Autonomus Community of Andalusia received plenty of demand for its first syndication in over seven years on Wednesday, allowing the issuer to increase the size of its deal and tighten pricing.

The Autonomous Community of Andalusia has mandated banks for what Dealogic data shows is its first syndication since May 2011.