Spain
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Spain has announced another trip to the ultra-long end, electing to come to market in spite of volatility sparked by increased fears around the spread of coronavirus. -
Two SSA borrowers hit screens on Wednesday with green euro benchmarks, following a successful outing by Madrid, which saw the bond’s sustainability feature driving the spread to the tightest achieved at reoffer by a Spanish region.
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Madrid hit the market with a 10 year sustainable bond on Tuesday, raising €1.25bn at its tightest ever spread to the Spanish sovereign, selling into its largest ever book.
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Two public sector borrowers hit screens with new issues on Monday, with Belgium choosing a 20 year and Madrid opting for a 10 year sustainable bond.
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Banco Santander was the only financial issuer in the sterling market on Tuesday, tapping the currency for a non-preferred senior bond. Sterling has made a 'rocket start to 2020', according to FIG market participants.
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Cracks started to appear in demand for long-dated rates products this week, even as riskier credit markets went gung-ho in the face of the coronavirus outbreak. Now Spain could be set to test how bad the damage has been, as it is rumoured to be readying a 30 year syndication for next week. Burhan Kahdbai, Lewis McLellan and Bill Thornhill report.
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GlobalCapital understands that Spain has appointed a new head of funding and debt management to take over from Pablo de Ramón-Laca, who has been promoted.
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Investors embraced a rare offering of non-preferred senior notes from Bankinter this week, with the Spanish issuer making its debut in the green bond market.
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Banco Santander included a small premium in the pricing for its latest non-preferred senior bond this week, as the bank looked ahead to a busy year for issuance in the asset class.
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Romanian telecoms giant Digi issued an €800m bond this week, offering investors exposure to risky but fast-growing eastern European economies. Digi is joining the long list of companies taking advantage of exceptionally favourable refinancing conditions in European high yield.
