BBVA
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Utility company Snam has converted an existing €3.2bn revolving credit facility into a sustainable deal, joining the growing chorus of southern European firms switching their bank lines for environmental, social and governance-friendly financing alternatives. -
Spanish banks were among the best performers in the debt and equity markets on Wednesday, after the country’s Supreme Court surprised market participants by reversing a ruling that would have meant that lenders were liable to pay stamp duty on mortgage loans.
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There is increasing confidence among market participants that the European Central Bank will renew its policy of providing banks with cheap financing, given the arrival of tougher issuance conditions and more stringent liquidity requirements.
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With the spat between Italian government and the Europe Commission over the former's budget rocking bond markets, windows of opportunity for new deals have been few and far between. But A-/A3/A- rated German utility company EnBW and AA-/Aa3/AA- rated Procter & Gamble raised bonds on Wednesday, as a flight to safety gave the transactions the required lift.
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Distribuidora Internacional de Alimentación, a recently downgraded Spanish discount food retailer that issued a profits warning last week, saw its outstanding bonds fall further in the secondary market despite providing a glimmer of good news.
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Arima Real Estate, a newly created Spanish real estate investment trust, has managed to get its IPO over the line, but with a much smaller deal size than originally intended.
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The Autonomous Community of Andalusia this week became the first Spanish region to return to the capital markets while still under the central government’s Regional Liquidity Fund.
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The Autonomus Community of Andalusia received plenty of demand for its first syndication in over seven years on Wednesday, allowing the issuer to increase the size of its deal and tighten pricing.
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The Autonomous Community of Andalusia has mandated banks for what Dealogic data shows is its first syndication since May 2011.
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Fondo de Amortización del Déficit Eléctrico braved volatility in the eurozone periphery bond market on Wednesday for its second benchmark of the year.
