BBVA

Issuers and their bankers have been too slow to react to the swift change in sentiment since the US election. That oversight became glaringly obvious this week with deals from BBVA and ANZ, but the mood swing was clear well before that.

BBVA struggled to sell its €1bn Cédulas Hipotecarias issue on Monday because the maturity was too long and because of further rates volatility.

Caja Rural Navarra is planning the first green covered bond of the year. It follows a trio of covered bonds issued by Australian banks and the first transaction to be issued from Nordea in more than a year.

Caja Rural Navarra has mandated leads to roadshow an environmental and social governance (ESG) Cédulas Hipotecarias with an intermediate maturity.

Crédit Agricole issed a rare €500m 10 year public sector Obligations Foncières this week that was priced at the tightest spread for a French covered bond in more than a year and was the most highly subscribed in more than 18 months.

Spain’s real estate investment trust Merlin Properties on Tuesday sold its second issue in a market where most eyes turned to Danone’s €6.2bn jumbo deal.

Crédit Agricole's rare €500m 10 year public sector Obligations Foncieres was priced at the tightest spread for a French covered bond in more than a year and it was the most highly subscribed in more than 18 months.

Snam visited the euro corporate bond market for the second week in a row on Tuesday, issuing a €500m four year bond and clinching a 0% coupon for the offering.

Crédit Agricole has mandated leads for a rare public sector-backed €500m 10 year Obligations Foncieres.

Telefónica returned to the euro bond market after only a month with a more vanilla offering than its last issue, a hybrid bond, as investors favoured the shorter piece of its dual tranche offering.

The euro corporate hybrid market reopened on Wednesday as Energie Baden-Wuerttemberg sold the second leg of its intended two currency deal, the first part of which was said by onlookers to have been subject to poor market conditions early in the week.

Spanish natural gas utility Enagás is in talks with its relationship banks to refinance a €1.5bn revolving credit facility.