Santander : Record primary issuance in August (€60 billion), 43% higher than the previous record in 2018, which is starting to drag down secondary issuance, also affected by attractive NIPs. In fact, €22.5bn was issued on Tuesday and Wednesday alone in what is set to be the highest volume in a week since May. The fear of more frontloading, even in less stable markets, is also a matter of concern and in the spot market we saw yesterday a 4-5bp increase in IG funds on top of similar increases the previous day. And this despite the fact that we have seen slight inflows into €IG ($242mn) this week, clearly lower than the massive outflows from $HY (-$4.4 billion), $equities (-$5.7 billion) and €equities (-$5.7 billion), versus €equities ($1.4 billion).
Record primary issuance in August (€60 billion)
