Spain

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.

Bankia on Tuesday decided to sell its first senior non-preferred bond after the whole market rallied about 5bp as a result of a speech from Mario Draghi, president of the European Central Bank, on Monday. The issuance attracted a hefty book of €3.7bn, more than seven times its pre-determined size of €500m.

A trio of Spanish banks hit the euro market this week, led by a popular offering of non-preferred senior bonds from CaixaBank.

Rating: A-/Baa1

BBVA and Santander came to the euro-denominated FIG market on Wednesday to make use of favourable conditions, proving that it is deep enough to digest supply from two issuers from the same country. Both banks priced their deals close to or at fair value.

CaixaBank was able to attract orders of more than €3.85bn for the issuance of its seven year senior non preferred bond on Tuesday, more than three times the deal size.

Investors are being forced towards riskier instruments for better returns, with safer assets looking expensive.

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The European Central Bank’s (ECB) is expected to announce new policies on Thursday which, according to a fixed income strategist, will be positive for financial institution credits.