Spain’s regions seek reform, market access

Talks are set to begin in Spain to reform the financing mechanism for the country’s regions, which could lead some to their return to the primary bond market for the first time in years. But as with seemingly everything in bonds this year, politics could yet scupper the efforts, write Craig McGlashan and Victor Jimenez.

  • By Craig McGlashan, Victor Jimenez
  • 20 Apr 2017
Only a handful of Spanish regions have printed fresh bonds over the last few years, with others reliant on the central government’s Regional Liquidity Fund (FLA). The government introduced the FLA in 2012 at the height of the eurozone sovereign debt crisis. But it has moved from being ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
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2 HSBC 13,772.74 20 8.47%
3 Barclays 12,759.91 17 7.84%
4 BNP Paribas 12,627.67 17 7.76%
5 UniCredit 10,414.96 14 6.40%

Dollar Denominated SSA (Excl US Agency)

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4 HSBC 23,085.62 57 7.66%
5 Deutsche Bank 20,925.41 48 6.94%

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Rank Lead Manager Amount $m No of issues Share %
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4 Goldman Sachs 25,879.41 68 6.92%
5 JPMorgan 25,780.28 74 6.89%

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3 HSBC 58,695.84 218 6.40%
4 Bank of America Merrill Lynch 50,577.98 158 5.51%
5 Barclays 49,497.84 151 5.39%