Spain

Renewables pair bring sunshine to project finance market - National Bank of Oman launches loan syndication - Cubico lights up project finance desks - Drax completes bridge refinancing with PPs, ESG debt - Italy’s IMA raises €50m via Euro PP market

Industrial and Commercial Bank of China and Banco Santander tapped the sterling market for senior bonds this week and what bankers said were high-quality orders led both issuers to increase the size of the benchmark transactions.

Renewables companies Sonnedix and Solarpack have signed separate project finance facilities totaling €260.6m, with the funding going towards solar photovoltaic plants in Italy and Spain.

Standard and Poor’s has upgraded its ratings for covered bonds issued by Kutxabank, as the Spanish lender looks ahead to a series of redemptions over the course of the next year.

Acciona nabs €155m from green Schuldschein - Places for People seals €150m private placement - Germany’s Badenova sells Schuldschein - Pershing Square nabs $400m in bond private placement - Claranova debuts in euro PP market - Pension Insurance Corp puts £40m into Scottish housing association - Oman's Octal raises $625m for expansion

Acciona, the Spanish infrastructure and renewable energy company, appealed to investors with its green, triple tranche Schuldschein offering, which closed last week at €155m.

Banco de Sabadell launched a senior preferred bond on Wednesday, just as it prepares to enter earnings blackout. The Spanish bank was able take out two thirds of its €1.5bn funding target for the format this year.

Santander set a new milestone in the covered bond market on Wednesday with its €1.5bn 10 year, which was one of the most oversubscribed deals of this size and tenor in years.

Bankia returned to the primary market for a senior preferred bond on Tuesday, after launching a senior non-preferred bond just two weeks ago. The deal proved popular among investors, who placed orders of almost three times as much as the final deal size of €750m.

Voltalia, the French renewable power producer, launched a €376m rights issue on Monday to finance an increase in capacity, and won a new investor — the European Bank for Reconstruction and Development. This is believed to be the first time the EBRD has bought a public equity in western Europe.

Cellnex Telecom, the highly acquisitive Spanish wireless telecommunications company, has issued a €850m convertible bond due in July 2028 to fund its €11bn pipeline of investment opportunities in the European telecom towers market.

Santander Consumer Finance breezed through the market with a new five year senior bond on Wednesday, as FIG bankers predicted that there would be a pause for breath in the primary market after a frantic few weeks for new issuance.