Santander

After a run of triple-B rated corporate bond issuance, A-rated names have returned to the market and paid lower premiums than the higher beta issuers had, but 10.75 years remains the longest tenor to date.

Poor market conditions at the start of 2019 could leave investors facing a long wait for new subordinated bank bond supply in euros, adding to a month without any issuance in the sector.

Nomura has hired Tom Lowe to cover financial institutions in the UK and Ireland.

Battling a host of problems — local and global — Latin American bond markets suffered a torrid 2018. Many issuers stayed away, high yielders struggled to find financing and investors booked losses. With more volatility expected, political developments in LatAm’s three largest economies could make or break the region’s bond markets in 2019. Oliver West reports.

Conditions have rarely been sweeter for European borrowers seeking to diversify their funding sources. Europe’s dominant private debt markets for investment grade issuers, the US private placement market and the Schuldschein, are thriving, and agents in both are on the hunt for new borrowers. Their search will better if, as expected, public bond markets have a tough 2019. Silas Brown reports.

Mergers and acquisitions in Europe are back. But what loans bankers have long hoped would be great news for their businesses is in most cases turning out to be a far less lucrative development, as companies increasingly turn to smaller banking groups to finance their acquisition plans. By Michael Turner.

The UK’s CityFibre has signed a £1.12bn debt package from seven banks, as the Goldman Sachs-linked fibre broadband infrastructure provider rolls out its nationwide competition against incumbent firms BT and Virgin Media.

Chemical and consumer goods firm Henkel has signed a €1.5bn sustainability-linked revolving credit facility, with leads claiming the deal is the first of its kind in Germany.

Spain’s Aena has signed an €800m sustainability-linked revolving credit facility, which the arrangers claim is the world’s first deal of its kind for an airport operator.

Changing emphasis from national regulators could give European banks more incentive to refinance additional tier ones with low common equity tier one triggers in the next couple of years, according to analysts at research house CreditSights.

Santander Brasil has tested the country’s Letra Imobiliária Garantida (LIGs) covered bond regime with two privately placed deals.

All eyes are on Banco Santander in the run-up to a busy 2019 for additional tier one redemptions. Brutal trading conditions have left the Spanish bank at high risk of becoming the first issuer to leave a deal outstanding past its first call date. Tyler Davies reports.