Financial institutions are the engine of Spanish fixed income, and as the industry changes, the bond market is altering too. Savings banks' market share in Spanish banking has been steadily growing, and they are more and more evident in the debt capital markets, particularly as they cannot issue shares. But commercial banks, too, have been launching bigger and more ambitious transactions at both senior and subordinated levels — and even showing more consideration to investors' views on pricing.
October 24, 2006