Santander
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Agency issuers appeared after the EU cleared a €7bn syndication -
◆ Spanish bank finds 'good window' to pre-fund ◆ Pays just 10bp NIP for 4NC3 and eight year SNP ◆ Longer tranche is more popular
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◆ Smaller European banks 'take advantage' of absent national champions in euros ◆ Bankinter, Santander Consumer Bank land deals with up to 10bp NIP ◆ Austria's RBI prepares debut SNP
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'Generally of the view that we’re at or around peak rates' says lead
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◆ Austrian lender saves with early tier two refi ◆ Others could follow into 'wide open' AT1 market ◆ Generali's popular tier two bullet shoots through fair value
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◆ Spanish bank becomes first big European lender to skip an AT1 call this year ◆ Muted market reaction for other issuers so far ◆ Intesa Sanpaolo prints €1.25bn AT1 with €5bn peak book
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Whether to push on with supply or take a break divides participants
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The former Credit Suisse banker will start his new role next week
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◆ Bank attracts £455m of orders for £500m print ◆ Price-sensitive investors resist 7bp move ◆ Bond holds firm on the offer side post-pricing, ask spotted 5bp wider
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Trio of borrowers add to busy dealflow — with more to come
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The Spanish bank is beefing up its investment bank in Europe and the US
