Santander

Santander shows big AT1 deals work best alongside tender offers

◆ Deal sizes demonstrate investors’ ample appetite for FIG subordination ◆ ING tier two clears at FV while riskier Santander and Erste AT1s come with ‘strategic’ premium ◆ Both euro AT1 issuers launch simultaneous tenders ahead of AT1 calls

After CVC's successful IPO last week, Spain's Puig has taken this week's spotlight

Investors are ready to embrace unsecured bank debt yet again — but at double digit new issue concessions

◆ Global markets search for clues on how long before US rates are cut ◆ Fed path deemed more important than Middle East conflict in dictating primary market tone ◆ Pipeline across capital stack once clarity emerges

◆ Santander paid 10bp-15bp new issue premium ◆ Lead says paid up more because of market uncertainty ◆ Some bankers argue Middle East conflict ‘had no impact on pricing and execution’

Agency achieves record tightening, plans at least one other public bond in 2024

SSAs vie EU for attention as more issuance expected from Flemish Community

Latest deal came 1bp through fair value, according to the issuer

UK lender prints largest single tranche covered bond from a foreign issuer since last August

Early exit from blackout brings first mover advantage, as Swiss market shows it can offer size

London-listed business closes syndication on acquisition finance