Spain
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Spanish regional issuer plans to issue a European Green Bond annually -
◆ Deal attracts largest SSA book since Feb ◆ Issuer follows usual pattern ◆ Strong macro, interesting RV
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◆ State prints size on low-supply day ◆ More German deals to come ◆ Spain, BNG also set to take advantage of slow week
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◆ British Columbia and Paris print 15 years ◆ Ico tests tight spread versus Spanish govvie ◆ IDA brings rare euro five year
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◆ Rare green trade using EU's new standard ◆ Lands inside fair value ◆ Books fall by €1bn from peak
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◆ Spain adds a new sustainable issuer ◆ No-grow deal was well oversubscribed ◆ Another European sub-sovereign next up
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◆ Borrower lands inside fair value for second year in row ◆ Orderbook ends near peak despite heavy tightening ◆ Investors say there is 'too much liquidity'
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◆ Sovereign sets new book and size records ◆ Deal a hit despite 'not straightforward' backdrop ◆ 'Different story' while still 'a confidence booster'
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◆ Spanish region lands tight versus govvie ◆ Well sought-after deal despite squeezy spread ◆ Strong technical continues to support Spanish (and French) SSAs
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Company outlook moved to negative though it remains investment grade
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◆ Spread to Spain gets tight ◆ Big book, record number of investors ◆ Usual pre-summer green bond next
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Treasury official says stability of Bonos spreads particularly valuable against volatile political backdrop
