Spain

Spain hit the market on Tuesday morning with a 10 year benchmark, impressing onlooking bankers and benefitting from a stable backdrop. KfW followed up with a tap.

Spain was the only public sector borrower to announce a euro new issue on Monday as it mandated banks for a 10 year syndication.

Banks have set a price range on the listing of Acciona Energia, the Spanish renewable energy company, valuing it at between €8.8bn and €9.8bn. The banks already have some indications of interest within the valuation range and the transaction is coming at a big discount to its main listed peer, but some ECM investors say they are likely to sit the deal out because they believe it to be too expensive at a time the IPO market is challenged.

Criteria Caixa, the holding company which manages the assets of Spain’s La Caixa Banking Foundation, has issued a €200m bond exchangeable into shares in Cellnex, the telecoms towers company.

Spanish lender Bankinter paid a visit to the tier two market for the first time in four years on Tuesday, raising €750m of capital while paying next no new issue premium.

Spain’s Instituto de Crédito Oficial hit the market for its third green bond on Monday, giving its newly updated framework for the product its first airing.

Antonio Cordero Gomez, chief financial officer of Instituto de Crédito Oficial, spoke to GlobalCapital about the need for continued innovation in the world of ESG labelled bonds, and about Ico’s role in fighting the economic consequences of coronavirus.

The Instituto de Crédito Oficial, Spain’s promotional bank, is holding a series of investor meetings to promote a new green bond.

Autogrill, the Italian food and beverage retailer, has launched a €600m rights issue to position its balance sheet for the re-opening of the economy after the Covid-19 pandemic.

A host of initial public offerings were launched on Monday as banks try to squeeze out a few more deals before the market begins to break for the summer. A fatigued investor base, though, remains highly selective and sources say only the highest quality offerings are likely to succeed.

Primafrio, the Spanish freight logistics company specialising in the refrigerated transportation of fruits and vegetables, has launched an IPO on the Spanish stock exchange.

Portuguese insurance company Fidelidade is looking to sell a tier two bond this week, three years after first exploring the idea of issuing a subordinated debt instrument.