Santander
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Crédit Agricole became the largest shareholder of Abengoa on Tuesday, after Banco Santander disclosed to the Spanish financial regulator the sale of most of its holding in the engineering group. -
Santander’s former head of Middle East corporates, Wafi Saleh, has joined Spanish business services firm PKF Attest as a partner of the debt capital market division.
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Gestamp Automoción, the Spanish car parts maker, has completed the largest Spanish IPO of the year so far, having priced the deal at the bottom of its initial price range late on Wednesday.
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Spanish car parts supplier Grupo Antolin found strong demand for its refinancing deal on Thursday in a high yield market where new bond sale volumes have dropped to less than a third of March’s €3bn average.
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Banco Santander ratcheted in pricing on three tranches of non-preferred senior debt on Tuesday, raising $2.5bn in its first dollar-denominated deal in the format.
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FIG borrowers have wasted little time in bringing opportunistic offerings in front of investors this week, using strong issuance conditions to complete a number of projects ahead of the Easter break.
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Just two working days after shares in “New Abengoa” began trading, the Spanish engineering and construction sector was hit on Monday by another credit risk crisis — Isolux Corsán has until July to find €400m to avoid insolvency.
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Instituto de Crédito Oficial brought some rare short dated euro paper this week and was able to rely on heavy support outside the bank community — despite some people on and off the deal expecting banks to buy the deal in bulk.
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K+S, the German potash processor and mining group, launched on Thursday its first bond since losing its investment grade ratings.
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Shares in Neinor Homes, the Spanish home builder owned by Lone Star Funds, closed 3% above their IPO price on Wednesday after it made its debut in Madrid, in a show of investor confidence in the economic recovery in Spain.
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French cable manufacturer Nexans launched a €200m bond on Wednesday, bringing back the bookrunners on a bond sale it had to cancel two years ago — but this time, the market was ‘diametrically different’, said bankers.
