BBVA
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Latin America’s most frequent sovereign borrower scored two record yields on Monday as technical factors continue to govern investors' behaviour. -
BBVA has set up the first Cédulas de Internacionalización (CI) programme, a new type of covered bond asset class that is secured purely against export finance loans.
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Auto-parts business Adient on Thursday started pricing a $2bn cross-border bond, attracting high demand for a deal that could be the last high yield offering before the European market breaks for the summer.
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Four years after Spain approved a new legal framework to support funding of export finance loans, BBVA has set up the first covered bond programme to be backed by the loans, which Moody’s rated on Wednesday. And with Spain set to update its Cédulas Hipotecarias law, others may be obliged to follow.
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Bancomext, the Mexican government development bank run by the country’s former public debt chief, Alejandro Díaz de León, will ready a subordinated bond issuance on Wednesday with investor meetings in five cities.
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Johnson Control’s automotive business, Adient, on Monday began a roadshow for $2bn-equivalent of high yield notes, with a 17 strong group of bookrunners.
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Vodafone paid its second trip to the European corporate bond market in a year on Tuesday, issuing a €1bn 15 year deal and entertaining the possibility of a 30 year trade.
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Lecta Group, the southern European coated paper manufacturer, on Friday printed a €600m two tranche bond in a high yield market comfortably readjusted to post-Brexit times, as issuance surpassed €2.5bn in five days.
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The recent run of leveraged finance deals from companies owned by CVC Capital Partners continued this week as Lecta Group, the coated paper maker, on Thursday began pricing a €590m bond.
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Iberdrola, the Spanish energy company, completed a €500m multicurrency, new money loan deal on June 30, one week after the UK's EU referendum.
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Spanish renewable energy and engineering company Elecnor kept the margin unchanged as it refinanced €600m of loans.
