Carlos Garrido Martinez de Salazar, PhD’s Post

Today Banco Santander has issued a successful €500 million ECA Covered Bond transaction, the only CB deal Santander expects to issue this year. This is the second issue of Spanish ECA CB on the market, , offering investors a unique opportunity to gain exposure to this asset class. With this new transaction, Santander continues to pursue its objective of developing the continuous growth of this business, in which Santander is a major global player. The transaction attracted the attention of the investor base from the outset at an IPTs level of MS +45bps, covering the €500mn size of the transaction within a few minutes of execution, mainly supported by German accounts. We highlight the early presence of some high-quality names at this stage.   A final book of 4 billion and > 120 investors of high credit quality allowed to set the price at MS +35#, travelling 10bps from IPTs and paying a negative NIP of -2bps. At this stage, the book was still predominantly covered by German accounts at ~43%, with the remainder very evenly spread across European investors.   The clear scarcity of paper in this asset class from Spanish issuers played an important role in today's transaction, as this is only the second covered bond priced in the geography, underpinned by the bond's nature as an ECA Covered Bond, making it an even more unique opportunity for investors to add this type of risk to their portfolios. Congrats to Santander as Global Coordinator and ING, Santander and Unicredit as JLM for such a successful outcome. José Antonio Soler Ramos, Marta Gonzalez Deprit, CFA, Gabriel Castellanos, Jaime Cruz Ballesteros, Luis Miguel Coronel León, Denis Aranburu, CFA, Elena Eyries, Guillermo Hombravella, Alberto Amo Mena

Explore how Intesa Sanpaolo is advancing the private debt landscape with its latest closing of the Ecra private debt fund, amassing about 156 million euros, surpassing its initial target. Significant support from leading entities such as CDP Cassa Depositi e Prestiti and Inarcassa exemplifies the strategic importance and innovative approach of the fund in promoting alternative financial instruments. https://lnkd.in/eqeBsizE #PrivateDebt #PrivateCredit

It's coming home...our funds are coming home!   We often post about opportunities in global credit markets, but Spanish bank Santander's inaugural Kangaroo Tier 2 bond sees some of our global allocations come home to the AUD market.   Santander's bonds offered very compelling value - as inaugural deals typically come with a new issue concession - pricing cheap to both Australian and European Major Bank Tier 2's (chart below).    For context, the Santander Tier 2 (rated BBB+ at S&P) priced at a yield of 6.44% versus a current yield of 5.75% on a similar Westpac Tier 2 (rated A-) which priced last week. Santander bonds have since rallied by ~20bps on credit spread terms (or ~1% of capital appreciation) in the first 2 hrs of secondary markets trading.   The final book size of A$4.2bn was more than 7x oversubscribed and demonstrates the current depth of demand in this sector across both Institutional and Private Bank investors, which could be the catalyst for further Kangaroo Tier 2 issuance/opportunities.   Note: a Kangaroo bond is an AUD denominated bond issued by a foreign company.   Please follow our page for more credit markets content. #fixedincome #bonds #credit #investments #markets

To say that this week has been exceptional for CAF -banco de desarrollo de América Latina y el Caribe- in the capital markets would be an understatement! We did not only execute our largest euro deal to date with a EUR 1.5 billion 3.625% 6-year bond but also returned to the Kangaroo market after 6 years with a AUD 500 million 5.3% 5-year issuance.   Building on the momentum of the USD Global Note issued a couple of weeks ago, the euro deal achieved our largest orderbook to date (in any currency), amounting to EUR 6.6 billion, which translates to an oversubscirption of 4.4 times. This success is a testament to CAF’s broad investor support with a participation of over 180 investors in this deal. CAF's return to the Kangaroo market after many years could not have resulted in a better outcome. This trade represented one of the most diversely distributed trades by region in the market this year and the largest deal executed by a LATAM issuer in the Australian market.   None of these achievements could have been possible without the amazing team at CAF: Gabriel Felpeto, Antonio Recine, Ivette Aurrecoechea, Maria Paz Uribe Estrada, Laura Altafulla, Juan Pablo Serrano, Elizabeth Freed, María Cecilia Faget   Special thanks to the Joint lead Managers on both these deals:   1) Euro deal   BBVA: Marisa Pardo Menéndez, Surya Bhattacharjee, Pablo Vazquez, Eduardo Llanos III BNP Paribas: Myriam Zapata, Antonio Gómez-Chaparro de Luna, Robyn Cumberland, Marium Zaidi, James Gregory and Annabelle Hart Credit Agricole: Pierre Blandin, Léo GUICHOUX, Benjamin Moulle, Shadie P., James Farrelly Morgan Stanley: Patrick Cassereau , Victor Mendez, Ben Adubi, Lucas Bonnike, Amalia Trigo   2) Australian dollar deal   Deutsche Bank: Paula Jemio, Nicolas Laufer, Craig Johnston, Alix Kennedy Nomura: Mark Yeomans, Oliver Holt, Isabella Cooper, Spencer Dove UBS: Cameron Lofstedt, Jared Barr, Bernardo Palomera   #fundingdevelopment #supranational #ssa #capitalmarkets

Thanks Capital & Corporate for inviting me to provide my views about the current state of the alternative credit markets.

We did not need any further evidence of the conducive shape of the current markets, but it is always helpful to be reassured, and what better way to do so than launching the Inaugural Green Senior Preferred trade for BPER Banca. The investor reaction was nothing short of exceptional, with the books peaking at well over 6.5x times the transaction size, allowing the issuer to achieve a number of impressive targets: - a print inside fair value - 40bps of tightening from IPTs - the largest book for a senior trade issued by BPER - a landing point easily comparable with fully IG credits What this deal teaches us: the importance of the incredible amount of marketing done over months/years, a positive rating trajectory, a truly credible ESG strategy, and the fundamental investor outreach done post mandate announcement, key to build in advance the needed traction for such a smooth execution. Congratulations to the BPER team Gianluca Caniato Luca Fava MARCO BIALE Fabio Colella for the fantastic work and thank you for trusting Santander Corporate & Investment Banking to be a partner in this strategic transaction. Abraham Douek Fabrizio Zenoni Efrem Osvaldo Bertulli Juan Carlos Sanchez Francesco Mordà Rocco Scalia Vikram Gandhi Mike Gregson Govind Grewal João Mayo Stanislas de Bazelaire Yannis Gougoulias Matteo Meynier https://lnkd.in/emQDd5EC

Privredna banka Zagreb (PBZ), part of ISBD, the International Subsidiary Banks Division of Intesa Sanpaolo, was the sole agent and investor involved in the successful corporate bond issue of “Yellow Submarine d.o.o.”, the first Minibond issuer to successfully raise funds on domestic capital market for its future business growth and development. The minibonds, issued on June 20, 2024, will mature in 2031 with a total nominal value of €3 million. This issuance was fully supported in both the origination and structuring phases by the Corporate & SME Department of ISBD. Minibonds provide SMEs with an alternative funding source to traditional bank loans, typically issued by SMEs and traded in specialized segments of the financial market. The adopted Minibond framework follows the successful structure created by Intesa Sanpaolo in Italy to support the most virtuous SMEs embracing the widest synergies approach within the ISP Group. This alternative finance instrument is now officially available in Croatia and will be soon extended to other ISBD countries. “We are very proud to have launched the Minibond initiative with PBZ, leveraging the synergies and experience of the Intesa Sanpaolo Group. This product will favor the real economy, particularly SMEs, the backbone of the Croatian economy. We strongly believe that the Minibond initiative will be an enabling factor for ISBD as the Partner of Choice for our clients.” Said Giuseppe Ferraro, MBA, Executive Director Intesa Sanpaolo, Head of Corporate & SME Department – ISBD. Yellow Submarine, a gourmet burger chain with 20 outlets in major Croatian cities, has a robust business model featuring prime locations, delivery services, and event participation. In 2023, the company reported revenues exceeding €15 million, with additional growth opportunities. https://ow.ly/3nnP30sEphS #IntesaSanpaolo #PBZ #isbd #croatia #minibond #smes #yellowsubmarinedoo

Impressive growth in Luxembourg's private debt funds, with a 21.5% rise in AUM over just six months. This reflects the strong demand for alternative investment strategies such as direct lending, particularly in key sectors like IT, infrastructure, and healthcare. At VeriQuant Asset Management, we are closely monitoring these trends as they align with our focus on diversified investment opportunities and financial growth strategies. 💡Exciting times ahead for investors looking to tap into this dynamic market 📈 #VeriQuant #AlternativeFunds #SmartInvesting #AssetManagement #Economy #PrivateDebt

**🚀 BCIE's Monumental Year in Mexico's Capital Market 🚀** 2024 has been a game-changer for **Banco Centroamericano de Integración Económica (BCIE)** in Mexico's capital market. We've not only broken records but solidified our leadership in sustainable financing. **Key Milestones**: 👉 **May 2024**: We issued a **MXN 5,000 million social bond**—our 5th consecutive social bond in Mexico. The demand was overwhelming, with investors submitting bids worth MXN 8,263.2 million, oversubscribing our target by 1.65x. This success was orchestrated by **Casa de Bolsa Banorte, S.A. de C.V.** and **HSBC Casa de Bolsa, S.A. de C.V.**, with additional support from **Grupo Bursátil Mexicano, S.A. de C.V.**. 👉 **August 2024**: We achieved another milestone—our **largest-ever issuance in Mexico**. We placed **MXN 8,000 million** with demand doubling our initial target, underscoring the market's confidence in BCIE's financial strength. A huge shoutout to our **CFO and capital markets team** for their strategic vision. This issuance was expertly structured by **Casa de Bolsa Banorte, S.A. de C.V.** and **HSBC Casa de Bolsa, S.A. de C.V.**, with **Actinver Casa de Bolsa, S.A. de C.V.** joining the syndicate. **Why This Matters**: 1. **Leadership in Impact**: Nearly all of our 2023 issuances carried a sustainable label, directly contributing to economic development in the region. 2. **Unprecedented Investor Confidence**: Both issuances were rated Aaa.mx and mx.AAA by Moody's and S&P, reflecting strong investor trust. 3. **Strategic Alliances**: These bond issuances strengthen our position in regional capital markets and reflect the trust to invest in strategic projects across Central America and the LAC region. The Mexican capital market is a cornerstone of our funding strategy, offering competitive financial conditions that directly benefit our member countries. Together, we are bridging the gap to attain impactful development in the region. 🌍 **BCIE's Global Impact**: Since 2019, we've raised over **US$4,800 million** globally through sustainable bond issuances. A heartfelt thanks to our **CFO and capital markets team**—your expertise and dedication have been the driving force behind these achievements. As we continue to lead in sustainable finance, our commitment to the region’s development remains unwavering. Kudos to Humberto Rodriguez Tomas Ozuna 🔁 Found this insightful? Consider resharing it with your network. https://lnkd.in/gPyP3jjB #SustainableFinance #BCIE #MexicoCapitalMarket #ESG #InvestingForImpact #Banorte #HSBC #Actinver #Teamwork #Leadership

Citi and Santander are readying a debt package of up to €4bn ($4.2bn) to back a potential sale of Spanish waste-management company Urbaser, Bloomberg reported. The two banks are both advising on the process and offering the so-called staple financing to any potential buyer of the Platinum Equity-owned firm. With final bids due in early 2025, other banks are also working on debt financings to get a spot on the deal. #Banks #FinancialServices #Europe