BBVA
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Europe’s high grade corporate bond investors showed for the second day in a row on Wednesday how hungry they are for spread. Low triple-B rated credits Aker BP and Holding d’Infrastructures de Transport both increased their bond issues after bumper demand. -
Bank of Ireland Group was more than three times subscribed for a new tier two on Tuesday, as it followed its domestic peer AIB Group in applying a green label to the asset class.
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Iberdrola, the Spanish utility, and Clarion Housing, the UK housing association, became the latest companies to sign loans using risk-free rates instead of Libor, as more deals are signing that ditch the scandal-ridden benchmark from day one.
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Iberdrola, the Spanish utility, has signed a €2.5bn sustainability-linked loan, becoming the first Spanish company to use risk-free rates as a benchmark instead of Libor.
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Portugal syndicated a new 10 year bond on Wednesday, and drew parallels to deals from Italy and Spain deals earlier in the year as it aimed for a small new issue premium and an high quality order book rather than one of colossal size. But in order to avoid huge drops in the book by slashing the spread, as Italy and Spain had done, Portugal began the price discovery process at a tight level.
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Portugal began the price discovery process for its new 10 year syndicated bond on Wednesday close to fair value in an effort to give as much clarity to investors as possible on the final level, according to lead managers.
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Italy and Portugal are the first two eurozone sovereigns out of the blocks for syndications following the Easter break, with the former looking to extend its curve by a further five years.
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Enel has signed a €1.35bn sustainability-linked loan guarantee facility, the latest in a series of debts it has tied to its ability to increase renewable energy capacity.
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The Autonomous Community of Andalucia has selected banks to arrange a series of meetings with investors to promote its new sustainable finance framework and provide a credit update.
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The FIG market enjoyed its busiest week of the year so far but not all trades are working as investors shun tightly priced deals, particularly those at the long end.
