BBVA
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Spanish agency served up 10th social bond as similarly labelled issuance has declined 10% year-on-year -
The Spanish region served up its sustainable debut to raise €500m
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Demand for high yielding paper drives comeback for most subordinated bank capital
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Global head has assumed responsibility for primary as well as secondary credit markets
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◆ Spanish litmus test for appetite after CS corrosion ◆ Pricing differed, books less so
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◆ Spanish firm goes for price over size ◆ Slim 10bp concession needed to seal the deal ◆ Book builds appearing slower as the week progresses
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Issuers must pay elevated premiums for new euro deals, but pricing still cheaper than dollars
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Spanish bank taps Japanese rival to bolster credit trading
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Bulging orderbook and no concession paid in first hybrid since Credit Suisse taken over
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The €210m and €80m loans do not herald a wider array of new money transactions
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Euro FIG market still awaits the return of pure bank credit
