Banco Santander prices €3.15 billion; secondary volume heavy year to date

By Cristal Cody

Tupelo, Miss., Dec. 9 – In new European securitized issuance in December, Banco Santander SA priced a €3.15 billion CDO offering.

In the deal, FTA Pymes Santander 15 sold €2.4 billion of series A notes at Euribor plus 30 bps at the top of the capital stack.

Banco Santander was the arranger.

Elsewhere, dollar-denominated secondary market volume was strong in the previous two sessions and has been heavy throughout the year, sources report.

During Friday’s session, $302.23 million of high-grade CBO/CDO/CLO paper traded at an average 98.00 price, while $144.47 million of lower-rated issues were traded at an average 88.70 price, Trace data shows.

On Thursday, $601.95 million of investment-grade securities and $240.06 million of non-high-grade issues were traded.

Year to date, $70.93 billion of investment-grade and $34.29 billion of non-high-grade CBO/CDO/CLO issues have traded, according to a BofA Global Research report released Monday.

High-grade secondary market has jumped 78% over the same period last year, while non-high-grade trading volume has climbed 25% from the year-ago period, the note said.

Last year, $39.8 billion of high-grade issues and $27.42 million of non-investment-grade securities were traded in the same period.

Looking at CLO secondary activity, BWIC volume totaled $626 million last week “with the most bids for AAA, AA and BB” traches, according to the BofA Securities analysts.

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