BBVA
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Italy could retrieve half of the basis points it has lost to Spain in the run-up its general election next weekend — if the vote returns the most market-friendly result, according to a portfolio manager at a leading investment house. Spain, meanwhile, printed a 30 year benchmark with the second largest book ever for a euro sovereign deal in the tenor — another sign that the country is marching towards or already at semi-core status, said bankers. -
Spain has picked banks for its second deal of the year, looking towards the long end of the curve for the first time since May 2016.
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The Autonomous Community of Madrid this week made a triumphant second visit to the socially responsible investment (SRI) market as it printed a deal double the size of its debut last year. Further issuance from the borrower — in conventional and SRI format — is likely to come soon, although in private placement (PP) format. But there may be further SRI issuance from some of Madrid’s Spanish peers.
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The Autonomous Community of Madrid on Tuesday printed its largest ever sustainable bond — and its biggest bond of any kind in three years — with a trade that was double the size of its SRI debut last year. Bankers away from the trade hailed the “excellent” result, with one saying it was “probably as good a result as the issuer could have hoped for”.
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The Autonomous Community of Madrid is prepping its second ever sustainable benchmark, after mandating banks on Monday.
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The IPO of Metrovacesa, the Spanish property developer, finished oversubscribed on Friday after the deal was repriced downwards after reaching the end of its scheduled bookbuild period without any covered message having been given.
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The investment grade corporate bond market has started February with intent, with Thursday registering as the second busiest day of 2018 so far.
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Iberdrola, the Spanish electricity company, has amended and extended €5.3bn-equivalent of green loans, in what it claims is the largest sustainable finance transaction ever. It has locked in its best bank facility terms for more than a decade.
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Italian toll road operator Società Iniziative Autostradali e Servizi (SIAS) followed a four day investor roadshow with its third 10 year bond this week. A €1.9bn order book allowed the company to print its largest ever deal at a much tighter spread than its previous two offerings.
