La Caixa
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The Spanish region served up its sustainable debut to raise €500m
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The €210m and €80m loans do not herald a wider array of new money transactions
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Regional borrower secures €500m
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Persistent volatility, Asian holidays keep most issuers at bay
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Big brand still key as second tier firms find some parts of the market inaccessible
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More deals could follow as bankers highlight sweet spot in AT1 market
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CaixaBank has sold its entire stake in Austria's Erste Group
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A trio of Spanish banks hit the euro market this week, led by a popular offering of non-preferred senior bonds from CaixaBank.
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Mauritius Commercial Bank has raised a new dual tranche $800m loan after receiving commitments of over $1bn. The deal was welcomed by bankers as one of the few new money financings in the market.
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CaixaBank took advantage of strong market conditions to issue a €1bn seven year senior preferred transaction on Tuesday with strong demand allowing the issuer to price flat to its curve. At the same time, RBS opened order books for a dollar-denominated five year senior deal.
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Telefónica, the Spanish telecoms group with €55bn of debt, came to the euro market on Tuesday to refinance two of its hybrid capital bonds. It launched a tender offer for the pair, which now total €1.3bn, and a hybrid new issue to replace them, tacking on opportunistically a 10 year senior bond issue.
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Southern European banks were given a lift at the beginning of the week, when they emerged from the European Central Bank’s annual supervisory review and evaluation process (SREP) with their capital requirements broadly unchanged.
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On Friday, American data centre owner Digital Realty sold the first green corporate bond in euros of 2019, but investors did not have long to wait for the second one as Italian energy company Enel also chose to issue in the format.
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Banks broke in the new year with an outpouring of primary market sales this week. But an improved backdrop in the euro market has yet to convince anyone that their fears about 2019 might have been misplaced, with bankers warning that conditions could soon take a turn for the worse, writes Tyler Davies.
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CaixaBank was testing the strength of appetite for riskier debt instruments in the euro market on Thursday, bringing the lowest rated deal from bank so far this year.
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Spanish banks were among the best performers in the debt and equity markets on Wednesday, after the country’s Supreme Court surprised market participants by reversing a ruling that would have meant that lenders were liable to pay stamp duty on mortgage loans.
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CaixaBank and Commerzbank proved popular in the euro market this week, after timing their latest non-preferred senior debt sales to perfection.
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CaixaBank proved popular this week on its return to the non-preferred senior bond market, raising €1bn and welcoming more than two times as many orders.
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One of Europe’s major electricity producers, Portugal’s EDP, sold its first green bond on Tuesday, aligning its fundraising with the company’s green principles. Meanwhile, Dutch airport owner and operator Royal Schiphol Group announced plans for its debut green bond. Both followed French vehicle leasing company ALD’s inaugural green bond.
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One of Europe’s major electricity producers, Portugal’s EDP sold its first green bond on Tuesday, aligning its fundraising with the company’s green principles.
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Abengoa, the Spanish renewable energy group, is seeking to convince its investors to engage in yet another rescue plan, which includes debt swaps with no cash coupons and new convertible bonds.
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Spain’s largest department store group, El Corte Inglés, picked a busy week to roadshow its first rated issue. But its bonds will be listed in Dublin, despite efforts from the Spanish financial regulator to force a domestic bond listing in Madrid.
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The Spanish market securities regulator overhauled some of its listing procedures at the end of 2017 in an effort to make the country a more attractive place for debt issuance. Its actions are already starting to bear fruit, as Spanish banks and companies show a much greater appetite for registering their bonds on home turf.
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Spain’s Masmovil has completed a second round of refinancing on its bank loans, shaving a further 100bp off the cost of its total debt pile and ramping up the size to €831m.
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Despite expectations of a slowdown in the pace of issuance in the European high yield market, two borrowers brought €2.9bn of new bonds this week. Both issuers, Spanish construction firm Aldesa and Italian banking payments group Nexi, marketed refinancing deals.
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Adecco, the Swiss temporary staffing company, has become the latest blue chip to use a sustainability-linked loan structure for its main corporate revolving credit facility.
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Spanish utility Iberdrola had significant success with its debut green hybrid bond in November when it received €3.2bn of orders. However, its second such bond failed to tighten from initial price thoughts when it was issued this week.
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Two new SRI corporate bonds were priced on Monday, but with very different results. Iberdrola’s green hybrid bond failed to tighten from initial price thoughts, while Danone’s debut social bond had to pay just 2bp of premium.
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Private equity firm CVC and local investor Alba are funding their €3.8bn acquisition of 201m shares in Gas Natural, the energy group, with a €1.9bn loan, which is set to become one of the largest Spanish financial deals of the year.
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Expectations for a busy week in the investment grade corporate market were maintained despite only Telefonica taking advantage of good primary conditions on Monday, as it sold a benchmark nine year bond in euros.
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Four new investment grade corporate bond issues in euros and one in sterling ensured European investors were much busier on Tuesday than they had been on Monday.
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Italian corporate issuers have dominated bond issuance in recent weeks but Wednesday brought a pair from Iberia, as two energy suppliers took advantage of the market's hot conditions.
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The ministry for the economy of Catalonia, the rebellious region seeking independence from Spain, is working on a white paper on what role the potential new state will play in international markets. The document reveals an aspiration to become a hub for co-operative and ethical bank issuance.
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On Wednesday, Spanish electricity utility Iberdrola became the third corporate issuer in a week to print a green bond in euros. The €750m 10 year deal took the total corporate green bonds issued since the summer break to €1.95bn.
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On Wednesday, Spanish electricity utility Iberdrola became the third corporate issuer in a week to print a green bond in euros. The €750m 10 year deal took the total corporate green bonds issued since the summer break to €1.95bn.
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Basque telecoms firm Euskaltel gained access to a third market in northern Spain after the acquisition of Telecable from Zegona Communications, which it is funding with loans and equity.