Santander
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On Tuesday Nestlé issued its first bond since announcing a Sfr20bn (€18bn) share buy-back programme last month. Three rating agencies cut the Swiss foods group's rating after the announcement, but there was no discernible drop in demand for this transaction. -
Santander and Deutsche Bank yanked in the pricing for new senior trades from their US shelves this week, filling the gap created by US banks' blackout periods.
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The engines of sterling high yield issuance sound louder every week, with luxury carmaker McLaren and RAC Insurance adding supply to the already burgeoning sterling high yield bond market.
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Predictions that financial institutions would ebb as the mainstay of equity capital markets business after the major post-crisis wave of recapitalisations had been completed have proved premature.
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Volkswagen priced the third sterling corporate bond deal in as many days on Thursday, taking total supply over £3bn this week. Aggregate order books for the week are now approaching £10bn.
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Argentina’s largest province will begin investor meetings on Friday ahead of a planned euro-denominated bond sale, according to DCM bankers close to the deal.
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Banco Santander has launched its €7.07bn fully underwritten rights issue to support its acquisition of the failed Banco Popular Español, saying it expects to make a return on investment on the deal of 13% to 14% by 2020.
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Santander said on Tuesday that it expected its net profit for the first half of 2017 would be up 24% compared with last year, before considering its recent purchase of Banco Popular.
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UBI Banca, the Italian bank, completed its €400m rights issue on Friday June 30, when the tiny rump of 6.7m rights, not subscribed for during the subscription period, were all sold on the stockmarket in the first few minutes they were offered.
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Public sector bankers have backed claims by Greece’s finance minister that the country could return to the capital markets this year “with or without QE”. The fact that another periphery sovereign, Spain, was able to print a stellar trade on Tuesday despite comments by European Central Bank president Mario Draghi sending markets in a tizzy about the possible end of QE further bolstered the statement, bankers added. Craig McGlashan reports.
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On Thursday, Volkswagen Leasing became the second German auto related issuer to print a triple tranche this week. However, it opted for shorter tenors than Daimler had on Monday.
