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Santander test the waters with bond

Friday, September 07 11:25:52

Santander, Spain's largest bank, saw solid demand for a 3.5-year euro bond issue today, tapping positive investor sentiment after the European Central Bank announced an unlimited government bond-buying programme.

Santander booked orders of over 4 billion euros ($5.1 billion) for an offer of 2 billion euros of the unsecured bond with price guidance of mid-swaps plus 390-395 basis points, said IFR, a Thomson Reuters news and markets analysis service.

The pricing was in the same range as the bank's August outing, when it sold two billion euros of a two-year bond.

The premium that investors pay to hold Spanish government debt, compared with German debt, fell to 427 basis points on Friday, 50 bps lower than before ECB president Mario Draghi announced the bond-buying programme.

The plan will not be implemented until after a troubled state has applied for aid, and accepted the conditions that implies. (C ) Reuters

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