Santander

Poland’s PKO Bank offered IG investors a healthy pick-up to the Polish sovereign curve with its new four year note on Tuesday.

Books were over €1.6bn for PKO Bank’s for year senior note on Tuesday. The deal is the first senior trade from the issuer since 2014.

Poland’s PKO Bank has named leads for its first senior unsecured trade since 2014 after having focussed its funding efforts on the covered bond market for the last few years.

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.

Mexican state-owned oil company Pemex continued its mammoth issuance programme with a $5bn tap of outstanding 10 and 30 year bonds that it will use to buy back old notes maturing between 2018 and 2019.

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.

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.

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.

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.

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.

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.