BBVA

Rating: A-/Baa1

Investors piled into deals for Spain and Italy on Wednesday despite the miniscule yields on offer, as the spectre of further easing of monetary policy looms large over the market.

BBVA’s corporate and investment bank has appointed Roberto Vila as global head of equity. The new hire comes from Commerzbank’s equity markets and commodities (EMC) unit, which is in the process of being transferred to Société Générale.

BBVA and Santander came to the euro-denominated FIG market on Wednesday to make use of favourable conditions, proving that it is deep enough to digest supply from two issuers from the same country. Both banks priced their deals close to or at fair value.

After 10 days of very scanty issuance and some weak markets, more stable conditions on Tuesday brought a salvo of five deals to the euro corporate bond market, offering a wide range of single-A and triple-B credits.

Redexis, the Spanish natural gas distribution company, is making its first step into sustainability-linked borrowing, while amending and extending its revolving credit facility.

Companies wanting to issue bonds in Europe this week will have to shoot their deals through narrow gaps between holidays, as Thursday is a holiday in several European countries, including France, Germany and the Netherlands.

Latin America bond bankers hope that more Mexican companies will look to sell new debt after Televisa clinched a tight price for its 30 year bond this week to wake up the country’s dormant primary market.

Triton International, a global shipping container firm based in Bermuda, has amended and extended a $1.25bn revolving credit facility, cutting its debt cost in the process.

Mexican media company Televisa returned to dollar bond markets after a three and a half year hiatus on Tuesday and was able to increase the size of a planned trade despite offering minimal concession.

Vodafone, the UK-based telecoms company, became on Tuesday the latest issuer to enter the green bond market for the first time, delivering on expectations raised when it published its Green Bond Framework last August. The €750m green note was the shortest of three tranches in a €2.5bn deal that drew €8bn of demand.

The Spanish region of Andalusia has sold three long dated bonds in the last week, marking its return to the MTN market after a six year absence.