Santander

Isolux Corsán, the Spanish energy and construction firm, last night pulled its €600m initial public offering, in the first blow to what has been Europe’s strongest ECM region so far this year.

Instituto de Crédito Oficial (Ico) has scored a hat trick with the first ever socially themed bond from a Spanish public sector borrower — printing the largest ever deal in the format, squeezing its spread over Spain to single figures, and welcoming new investors. That could encourage other issuers to add the social format to their funding mix, said bankers — although there were more reasons for Ico’s success than just altruistic investors, including the European Central Bank’s new quantitative easing programme.

Richmond Housing Partnership, a housing association based in southeast England, issued £140m of bonds with an average life of 30.75 years on Thursday. Its 3.25% coupon was the lowest yet achieved on a 30 year bond issued by a housing association in its own name, according to the issuer.

Adveo — Nidera — Stanbic Uganda

Richmond Housing Partnership, a housing association based in southeast England, issued £140m of bonds with an average life of 30.75 years on Thursday. Its 3.25% coupon was the lowest yet achieved on a 30 year bond issued by a housing association in its own name, according to the issuer.

Adveo, the Spanish stationery supplier, has secured a €115m five year loan. The deal went ahead smoothly despite any concerns over eurozone politics, a spokesperson for the company said.

The bookbuild began today for the Spanish government's flotation of 49% of Aena, one of the largest airport operators in the world, in a deal that could top €4bn at the top end of the price range.

Enagás, the Spanish gas grid operator, priced a €600m 10 year bond last Friday. A strong bid for corporate bonds, fuelled by news of the eurozone quantitative easing scheme, helped the issuer to achieve very tight pricing.

Five covered bond borrowers issued benchmark deals in the first half of this week, fearing potential volatility from Thursday's European Central Bank announcement on its sovereign quantitative easing programme.

Richmond Housing Partnership has mandated two banks for a roadshow that could lead to the second debut bond from a UK housing association this year.

Snam, the Italian natural gas transmission company, tapped its April 2023 bond for €250m on Wednesday. The new notes were priced with a very small pick-up, putting some investors off, but the transaction was still more than three times subscribed.

Isolux Corsán, the Spanish energy and construction firm, plans to float on Spain’s main stock markets in a deal that could be worth €600m.