BBVA
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BBVA and Crédit Mutuel Arkéa had varied results in the euro tier two market this week as bankers pointed towards growing caution among investors. -
Interest built slowly for a tightly priced €1bn tier two from BBVA on Thursday, as bankers pointed towards growing caution among investors.
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Shares in UniCredit, Italy’s largest bank, closed 1.7% lower on Thursday after it unveiled the terms for its fully underwritten €13bn recapitalisation late on Wednesday.
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Fondo de Amortización del Déficit Eléctrico (FADE) was warmly welcomed by capital markets on Tuesday for its first benchmark in 18 months, while Asian Development Bank hit screens looking for its first syndicated euro deal in almost three years. HSH Finanzfonds also raised cash on Tuesday.
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A few of Europe's smaller borrowers are trying their luck now that the storm of issuance that thronged markets through most of January has abated.
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Euros in the public sector bond market have enjoyed an exceptional run throughout January, providing borrowers from all across the public sector with funding in a tremendous breadth of maturities.
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UK tobacco company Imperial Brands hit the euro bond market on Tuesday for a dual tranche offering of 4.5 and eight year notes that won over three times oversubscription.
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The Spanish sovereign launched a €9bn 10 year on Tuesday, bringing the largest eurozone sovereign syndication so far this year.
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Two more European sovereigns have hit screens with 10 year euro mandates, hoping to enjoy the same success that Portugal and Belgium with their deals at the 10 year range this year.
