Santander

Swedish bank SEB has appointed a new head of large corporate coverage in the UK, luring a managing director from Santander.

The deal flow of high yield bonds kept rising in euros and sterling this week. Four new issuers joined the already heavy pipeline, including a euro bond from UK premium car manufacturer Jaguar Land Rover.

UK property company Grosvenor Britain & Ireland placed three private placements with six different investors this week, two of which were new to the credit. Some of the funds will go towards the firm's plans to help ease the UK's housing shortage.

The Chilean arm of Spanish lender Santander returned to bond markets on Tuesday with a Sfr115m ($118m) Swiss franc bond maturing in five years and three months.

Banco Santander brought the first sterling deal in more than six weeks with a non-preferred senior transaction, in a rare instance of a Spanish bank choosing to access funding in that currency.

Spanish telecoms company Telefónica sold its second euro-denominated senior bond of 2018, benefitting from one its quietest years of issuance with a single digit new issue premium.

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.