Spain
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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.
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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.
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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.
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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.
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Banco Santander was targeting two currencies for additional tier one debt on Thursday, following closely behind a blowout euro deal for Deutsche Bank.
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Ecoener, the Spanish renewable energy company, reduced its IPO on the Spanish stock exchange to €100m on Wednesday, as it became the latest deal to face difficulty in the European IPO market.
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Equity investors continued to show strong demand for follow-on primary deals this week with high take-ups in capital raises for Spain’s Cellnex and UK food and beverage outlet operator SSP.
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Austria took centre stage in the euro sovereign bond market this week with the sale of its first ever four year benchmark alongside a new 50 year deal to complete its curve.
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Santander has lost a covered bond trader to Barclays, which itself is in the market for a covered bond analyst after losing two recently.
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