5. Euro High Grade Financial

Euro High Grade Financial - Winner: Santander

Bookrunners: HSBC, Santander

It takes a brave institution to issue into a fatigued market, but Santander's EUR2.5 billion three-year fixed rate did just that, and managed to buck the trend in spectacular fashion.

Lead-managed by HSBC and Santander itself, the deal is credited with providing a stimulus to Spanish market - and the European fixed income market as a whole - after a series of progressively smaller three-year fixed rate trades, with BNP