Santander
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Santander announced a mandate for an additional tier one (AT1) bond in euros on Thursday, in what could be the first public deal in the format since markets sold off in February. -
French commercial property company Carmila returned to the investment grade bond market after two years away and received a positive response from investors for its longest maturity to date.
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Spanish insurance firm Mapfre has amended and extended a €1bn syndicated loan, adding two years to the maturity and a sustainable financing element that could lower the cost.
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Italy could retrieve half of the basis points it has lost to Spain in the run-up its general election next weekend — if the vote returns the most market-friendly result, according to a portfolio manager at a leading investment house. Spain, meanwhile, printed a 30 year benchmark with the second largest book ever for a euro sovereign deal in the tenor — another sign that the country is marching towards or already at semi-core status, said bankers.
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The sterling investor base can be stubborn one not listened to, as Swedish truck and bus manufacturer Scania found to its detriment when it launched its debut deal in the currency this week. Gatwick Airport and London & Quadrant had better receptions.
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El Corte Inglés, Europe’s largest department store group, has attracted 10 more lenders to the top line of a €3.65bn funding package, ahead of the transaction being launched into general syndication.
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Borrowers have broken the 10 day spell without a deal in the European high yield market, and are coming back with refinancing deals. Faurecia, the French car parts manufacturer, opened the new batch with a refinancing deal on Thursday.
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After four euro new issues in two days, the sterling market took its chance for a day in the spotlight as two issuers chose to bring new deals while euro borrowers remained on the sidelines. However, despite the recent lack of issuance, investors pushed back on spreads being tightened.
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Spain’s first trip to the long end of the curve in almost two years met with an overwhelming response, as the sovereign received one of the largest books ever for a 30 year bond.
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Spain has picked banks for its second deal of the year, looking towards the long end of the curve for the first time since May 2016.
