Spain in the news

  • Investors deaf to risk as Spain tightens grip over Catalonia

    Many in the financial industry in Madrid believe Catalonia’s independence adventure is over. But plenty in Barcelona expect lengthy spells of uncertainty after Spain’s government moved to end the region’s autonomy.

    • 19 Oct 2017
  • SSA market strong but investors wary of central banks

    The public sector debt market is providing high volumes of funding at astonishingly tight spreads as investors brush off political concerns and scramble to pick up what supply remains for 2017. However, central banks around the world are weighing on investors’ minds.

    • 18 Oct 2017
  • Ignore Catalan risk at your peril

    There was a time, not so very long ago, when a ‘yes’ vote in a secession referendum in the most prosperous region of the eurozone’s fastest growing economy might have sparked some concerns. Those days appear to be behind us.

    • 12 Oct 2017
  • Catalonia to markets: ‘Expect worse’

    By 10am on Monday October 16, Catalonia's president Carles Puigdemont must clarify whether this week’s declaration of independence was firm. Many in capital markets have dismissed the possibility of Spain’s constitutional crisis causing market volatility, but the Catalan government is approaching its week of reckoning in combative mood, write Lewis McLellan and Victor Jimenez.

    • 12 Oct 2017
  • Spanish rally after Puigdemont's speech fragile

    Tuesday’s speech from Catalan president Carles Puigdemont went some way towards restoring a sense of calm in Europe, as he stopped short of making a unilateral declaration of independence from Spain, instead offering to negotiate with the national government.

    • 11 Oct 2017
  • Catalonia: ‘Markets fear violence, not our independence’

    Bond markets remain sanguine about the declaration of independence by Catalonia's president Carles Puigdemont on Tuesday, but that could change sharply if Spain clamps down with force.

    • 11 Oct 2017
  • Spain and Catalonia risk ‘Pyrrhic victories’ over debt decisions

    Spain and Catalonia could be heading for a “Pyrrhic victory on both sides” in terms of their capital markets access, if they fail to reach an agreement on the latter’s status after a disputed independence referendum on Sunday, according to capital markets lawyers.

    • 05 Oct 2017
  • Investors cut European duration, eye Italy over Spain

    The buy-side is slowly removing European duration from portfolios in anticipation of the European Central Bank cutting its asset purchase programme, according to an investment director. Meanwhile, new cash flowing into the eurozone periphery is likely to go to Italy over Spain while uncertainty lingers over Catalonia’s future.

    • 04 Oct 2017
  • Bonos take hit ahead of auction amid Catalonia turmoil

    Clashes during Catalonia’s disputed independence referendum over the weekend have taken their toll on Spanish government bonds ahead of a Bono auction on Thursday. But the country’s borrowing costs could steepen further if, as expected, the Catalan authorities declare independence, said analysts.

    • 02 Oct 2017
  • Contrasting fortunes in Iberia

    The Spanish central government’s stand-off with the executive in Catalonia over an upcoming independence referendum is failing to worry Bono investors — but some bankers believe the market could soon be hit by a bout of volatility unless an agreement is reached. The Spanish situation was in marked contrast to the country’s western neighbour, as Portugal enjoyed a strong week after regaining investment grade status from S&P.

    • 21 Sep 2017
  • Ico EUR1bn 0.25% Apr 22

    • 07 Sep 2017
  • KfW and Ico scoop up stellar euro trades as NRW.Bank lines up green bond

    A pair of European agencies landed in euros on Tuesday, attracting huge books and tightening their spreads, indicating a promising backdrop for NRW.Bank’s green bond scheduled for Wednesday.

    • 05 Sep 2017
  • SSAs push out curve in euros

    A pair of public sector borrowers are set to bring their longest dated euro benchmarks in some time on Tuesday, as underlying rates for both issuers fell slightly on Monday.

    • 04 Sep 2017
  • Spain inches towards single-A status despite looming referendum

    Fitch has revised its outlook on Spain’s credit rating to positive despite the sovereign facing a potentially destabilising referendum in October.

    • 24 Jul 2017
  • Asturias drops PPs, more to come says Moody’s

    Spain’s Principality of Asturias sold a pair of bonds on Wednesday, coming to market for only the fourth time since its debut six months ago, according to Dealogic. A Moody’s report published on Wednesday indicated that more Spanish regions are set to come to market.

    • 12 Jul 2017

Dealer League Table Spain

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 3,979.69 3 13.66%
2 Barclays 3,955.20 3 13.58%
2 Santander 3,955.20 3 13.58%
2 BBVA 3,955.20 3 13.58%
5 HSBC 3,256.61 3 11.18%

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 17,773.39 25 9.05%
2 HSBC 16,094.53 24 8.19%
3 BNP Paribas 14,513.99 21 7.39%
4 Barclays 14,014.48 21 7.13%
5 Goldman Sachs 13,328.33 24 6.78%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 48,143.17 117 11.92%
2 Citi 45,631.49 117 11.30%
3 HSBC 32,619.65 76 8.08%
4 Bank of America Merrill Lynch 31,796.56 92 7.88%
5 Deutsche Bank 26,169.34 61 6.48%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 32,369.73 94 7.26%
2 UniCredit 32,161.79 106 7.22%
3 Goldman Sachs 31,301.28 81 7.02%
4 BNP Paribas 30,965.57 63 6.95%
5 Barclays 30,125.25 71 6.76%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 86,363.02 489 7.38%
2 Citi 86,161.20 295 7.36%
3 HSBC 75,912.57 258 6.48%
4 Bank of America Merrill Lynch 62,681.73 193 5.35%
5 Barclays 59,041.67 186 5.04%