This content is from:Portfolio
桑坦德银行交易使其Mark
The Spanish bank has made waves for its outsized deal and for new CEO Ana Botín’s no-nonsense approach to management.
WhenAna Botíntook over as executive chair of Banco Santander after the death of her father, Emilio, in September 2014, she quickly made her mark. The following January, Santander, the euro zone’s biggest bank, gathered €7.5 billion ($8.9 billion) in an accelerated book build that broke with the previous regime, which had resisted calls from investors to raise capital.
The Spanish firm launched the rapid share sale to address a perception that it had the weakest capitalization of any major European bank, having refused to disclose its common equity tier-1 ratio under Basel III rules. With volatility returning to markets in 2015, Santander reaped the reward for seeking funding while investors still had a healthy appetite for risk.
The deal caught the attention of Europe’s equity capital markets bankers for its sheer size. It was the region’s biggest-ever such stock sale and the largest worldwide since Merrill Lynch & Co. raised $10 billion from Asian investors in 2008 during the run-up to the Lehman Brothers Holdings crisis.
“时间很重要，”欧洲，中东和非洲欧洲，中东和非洲欧洲，中东和非洲的欧洲，中东和非洲的联合主管，是带领着Goldman Sachs集团的领导书赛道。“我们在圣诞节假期后的第一个完整周次在圣诞假期后执行交易，当投资者处于风险模式的情况下，现金到工作。”
Botín, 55, chose UBS and Goldman because they knew Santander and its investor base well, essential given that the two banks were asked to take on €7.5 billion worth of risk overnight before distributing it among institutions between market closing on January 8 and opening the next day.
Both firms had worked on merger and acquisition and ECM transactions for Santander; UBS investment bank president Andrea Orcel, who played a big role in winning the deal thanks to his long-standing relationship with the Boadilla del Monte–based lender, was a former golfing partner of Emilio Botín. Santander vice chairman Guillermo de la Dehesa has long served as an adviser to Goldman Sachs International.
The bank’s management team brought Goldman and UBS on board in November 2014. Once the group decided to assemble such a large sum without a formal capital raising, work began in earnest over Christmas. The size of the deal was its most daunting aspect, and the book runners had to be sure they could cover the order book, so much of the preparatory work was focused on finding investors with sufficiently deep pockets. But Santander also had scale on its side. The firm’s fundraising target was below 10 percent of its €73.8 billion market capitalization, so it could proceed without preparing documentation. “They were able to do this deal given the extraordinary liquidity of the stock,” says Martinez-Piqueras.
Total demand amounted to more than €11 billion at the placement price of €6.18 per share, with orders from 235 investors, according to Santander. The buyers were reportedly a mix of hedge funds and long-only investors.
该交易推动着高盛和瑞银的欧洲ECM书籍赛跑者的顶端，两家公司共用8900万美元的费用。然而，尽管1月份销售，但桑坦德的资本比例为9.85％仍低于其欧洲同行的资本比例。ANABotín计划将该号码提升至11％，作为更广泛的周转的一部分。她也摇摇欲坠Santander’s management in the U.S. after it failed to meet local regulatory standards. There’s much work yet to do, but her father would have admired her no-nonsense approach.
Get more oncorporations.
2015 Deals of the Year