Santander

Two of the euro corporate bond market’s more frequent issuers helped fully reopen the market with a pair of dual-tranche deals immediately following the UK August bank holiday. The quality of the credits was one of the reasons the market was able to digest €6.65bn of supply on the day.

The corporate bond market started at a frantic pace on Tuesday with five deals pricing. But on Wednesday French tyre manufacturer Michelin found its patience was rewarded with a chance to dominate investors’ attention and it was able to build the largest order book for a 20 year euro tranche in 2018.

The corporate bond market started at a frantic pace on Tuesday with five deals pricing. But on Wednesday French tyre manufacturer Michelin found its patience was rewarded with a chance to dominate investors’ attention.

Durham University has raised £225m in a triple tranche US private placement, as competitive pricing and the range of available tenors lured the unrated credit to the private market.

The autumn term has definitely begun in Europe’s corporate bond market. BMW and Daimler, which launched deals last week, may have been the scholarship swots who returned extra-early, but this week the whole sweaty gang of issuers is back en masse, and making plenty of noise.

Banco Santander’s Chilean yesterday sold the first ever floating rate note in Chilean pesos, raising Ps75bn ($114m) in long three year notes.

With interest rates expected to rise, the ability to offer delayed funding on attractive terms is becoming more important for investors in sterling US private placements (PPs). Some are struggling to get into deals as they cannot compete with their rivals’ terms, writes Silas Brown.

Credit Suisse sold Sfr300m of perpetual non-call six year tier one capital bonds on Wednesday.

Citi’s head EMEA FIG DCM is leaving the bank and taking up a senior FIG role at Banco Santander.

UK real estate investment trust Segro has sold €300m 10 and 15 year US private placement (PP) notes, to a group of institutional investors.

WiZink Bank sold its buyout payment-in-kind (PIK) bonds in the euro high yield market this week, a rare opportunity for high yield investors given the slim volumes from the financial sector and Iberian issuers this year.

Rewables fund Tages Helios has taken out five credit lines totalling €452.5m from a syndicate of banks to refinance a portfolio of solar plants, as Italian names continue to win capital markets support despite some investors' distaste for the political direction of the country.