Spain

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.

CaixaBank was set to launch its first sterling bond on Tuesday as it dipped its toes into a market that is now on course for its busiest week this year to date.

The European Central Bank issued several warnings about the banking sector in its Financial Stability Review (FSR) this week, as it drew attention to corporate zombification, a new capital markets exodus and an undesirable tightening in lending standards.

Permanent TSB added to a recent run of Irish bank supply on Wednesday, tapping into strong investor demand with a new tier two in the euro market.

European banks began to access the dollar market this week following first quarter earnings, while JP Morgan stole the show on Wednesday with a record low coupon for a preferred note.

Deutsche Bank scored a blowout book with its first euro additional tier one since 2014 this week, as investors rewarded the issuer for progress on its turnaround plan. Banco Santander then gave the asset class another shake, with a deal split across euros and dollars.

Banco Santander was targeting two currencies for additional tier one debt on Thursday, following closely behind a blowout euro deal for Deutsche Bank.