Santander

UK property company Hammerson has signed a new £1.5bn three year revolving credit facility, bringing in a dozen banks for a financing aimed at slashing the funding costs of its acquisition target, Intu.

UK property company Hammerson has signed a new £1.5bn three year revolving credit facility, bringing in a dozen banks for a financing aimed at slashing the funding costs of its acquisition target, Intu.

It was no surprise to many market participants that Friday saw no new issuance in the corporate bond market after the busiest week of 2018. The conundrum to be solved now though is how the jumbo issuance will affect conditions in potentially the final full week before Easter.

Sanofi, the French pharmaceutical company, this week priced the largest European corporate bond deal of 2018 — an €8bn six-tranche deal. The company used only European banks as global co-ordinators for the sale, as the euro market proved that it is a viable market for jumbo financings.

Santander and CaixaBank's additional tier one (AT1) deals this week suggested investors are increasingly taking account of the reset spreads of new issues, as BBVA said it would call its debut bond in the asset class — making it the first in a core currency to be called. Market participants also questioned Santander’s roadshow strategy.

CaixaBank issued additional tier one (AT1) notes on Tuesday, following on from Santander’s deal the day before. Both banks offered a generous premium as investors push back against historically tight spreads.

Private equity firm CVC and local investor Alba are funding their €3.8bn acquisition of 201m shares in Gas Natural, the energy group, with a €1.9bn loan, which is set to become one of the largest Spanish financial deals of the year.

Santander opened books on Monday on the first public additional tier one (AT1) deal since January, and CaixaBank is also lining up a transaction in the asset class.

Credito Valtellinese, the Lombard bank which is raising capital to meet requirements of the European Central Bank, has announced that investors have taken 83% of its pre-emptive rights issue, with several firms anchoring the deal.

French car manufacturer Peugeot has been on a ratings rollercoaster in the last 10 years. On Friday, now back to the highest sub-investment grade ratings, the company sold its third seven year deal in three years.

China National Chemical Corp (ChemChina) enlisted the help of 18 lead managers to sell a six tranche bond in two currencies on Wednesday.

China National Chemical Corp (ChemChina) has raised $6.4bn from a six-tranche transaction in euros and dollars to refinance debt taken for Syngenta’s acquisition. The issuer was willing to pay up to take more on the long end of the curve, with the juicy premium summoning a book of more than $15bn at its peak.