Santander

◆ 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

'Generally of the view that we’re at or around peak rates' says lead

◆ 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

◆ 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

Whether to push on with supply or take a break divides participants

The former Credit Suisse banker will start his new role next week

◆ 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

Trio of borrowers add to busy dealflow — with more to come

The Spanish bank is beefing up its investment bank in Europe and the US

◆ Low concessions paid in the first part of the week ◆ Market tone worsens after US downgrade and rates volatility ◆ Wells Fargo chooses quick return for opco funding

◆ Improved funding in dollars for European banks ◆ The two issuers have been heavier users of euro and sterling markets this year ◆ Where is best to print in dollars for others eyeing the market?

◆ Lloyds and Santander launch Yankees ◆ Better execution in the dollar market than raising euros or sterling, says Lloyds Treasury ◆ Dollar investors supporting foreign issuers, including capital trades