Santander
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Anchor Hanover, the UK’s biggest retirement home company, hit the sterling market on Wednesday with a debut sustainable bond, as it continues to shift its capital structure towards socially responsible finance. -
The UK impressed onlookers with its sale of the second syndicated conventional Gilt of its 2021/22 financial year on Tuesday.
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A2A, the Italian utility, has signed a €500m sustainability-linked revolving credit facility, as the company shifts large parts of its capital structure to key performance indicator-driven pricing.
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The disparity between ratings and spread levels was highlighted in the euro high grade corporate bond market on Wednesday, after German conglomerate JAB Holdings opened books on a deal 40bp wide of lower rated Italian utility A2A, despite the same maturity and size.
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A trio of green labelled debuts attracted “slim” demand on Wednesday, as the three senior deals had to compete with a flurry of other trades for a slice of the shrinking pre-summer investor pool.
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Banco Santander is out in the Australian dollar market with its debut Kangaroo bond, and with constructive conditions on offer, further supply could follow.
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Royal Bank of Canada has sold the third Canadian covered bond in sterling this year, landing its £1.25bn deal at a spread identical to those of its two peers. Meanwhile, Münchener Hypothekenbank is set to join the sterling spree in the coming days with the first fixed rate covered bond in the currency since 2018.
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A succession of debut labelled deals are filling the FIG pipeline as issuers look to make use of the last window ahead of the summer break. ESG bonds from SpareBank 1 SR-Bank and Banco BPM are set to join the already mandated Banca Popolare di Sondrio and Arion Bank in the market later this week.
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Santander has appointed a new head of sustainable capital markets in London: Victoria Land, until recently head of APAC sustainable banking at Crédit Agricole in Hong Kong.
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Europe’s high grade corporations are lining up bond issues in euro and sterling for this week, which could be the last before the market slows down for a summer break. Meanwhile, analysts and investors agree that there is considerable room for borrowers to sharply ramp up primary market activity in the next session.
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Santander is preparing to make use of some attractive Australian dollar bond market conditions to sell the first bond from its new Kangaroo programme.
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