Spain

A €200m share placing in Fluidra, the Spanish swimming pool equipment company, caught investors in a buoyant mood on Wednesday evening, with bookrunners having to enlarge the deal to satisfy demand.

BBVA said on Monday that it had reached an agreement to sell its US subsidiary to PNC Financial Services. The Spanish bank’s bonds rallied sharply on the news of the deal, which will increase its main capital ratios by as much as 300bp.

Permanent TSB has picked banks to arrange the sale of a new additional tier one (AT1) from its holding company, a deal that could be used to replace the Irish lender's outstanding opco bond.

Cellnex, the highly acquisitive Spanish telecoms infrastructure company, has become the first European issuer to tap the equity-linked market in the wake of the US elections, with a jumbo 11 year €1.5bn convertible bond – the longest maturity seen in the market for over a decade.

Fresh lockdown restrictions added to a sense of anxiety in Europe at the start of the week, with credit markets already on tenterhooks ahead of the US presidential election.

Shares in Spanish solar equipment maker Soltec Power have surged in the aftermarket despite the immense market volatility this week sparked by a surge in coronavirus cases across the European continent, amid huge investor interest in the renewable energy space.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, October 26. The source for secondary trading levels is ICE Data Services.

The IPO of Soltec Power, the Spanish maker of solar trackers for renewable energy generation, is due to be priced at €4.82, the top of the initial range, after attracting strong demand from investors keen to add stocks with strong ESG credentials to their portfolios during the pandemic.

European banks could be set for a wave of calls and tenders on legacy debt instruments, after the European Banking Authority demanded a clean-up this week. Action may not be immediate, however, with markets still seeking clarity on a number of key issues.

Guarantor: Kingdom of Spain

Soltec Power Holding, the Spanish maker of solar trackers for renewable energy generation, has narrowed the price range for its IPO on the Spanish Stock Exchange, after the deal was covered shortly after the launch of bookbuilding earlier this week.

The Spanish treasury has cut its funding target for the year by €15bn as a result of a better income than anticipated, and said it does not expect to issue any more syndicated bonds before the end of the year.