Spain

Actividades de Construcción y Servicios, the Spanish building and services firm run by Florentino Perez, is seeking to list its renewable energy unit, Zero-E, as early as autumn 2019, according to two sources close to the transaction.

Lloyds is yet to confirm whether it will redeem an outstanding additional tier one (AT1) deal, callable on June 27, just as banking authorities have increased the pressure on financial institutions to justify their decisions to call such debt.

Spain has a limited amount of time to bring its Cédulas framework into line with the EU's Covered Bond Directive. A legal update is probably going to be less disruptive than a completely new law — but neither option is perfect.

Abanca Corporacion Bancaria did well to raise 10 year funding for its debut covered bond, which offered a generous spread, but even at just €750m the deal was still one of the least subscribed covered bonds of the year.

Three new high yield issues were launched into marketing in Europe on Tuesday, including a pay-if-you-can bond, even though the market was a bit weaker after President Donald Trump’s sabre-rattling about raising trade tariffs on China.

Abanca Corporación Bancaria will add its name to the growing list of debut covered bond issuers after mandating leads on Tuesday for a roadshow.

Santander attracted strong demand for a €1.5bn 12 year covered bond issued on Tuesday, helped by the rarity of Spanish covered bond supply and the relatively attractive return over mid-swaps.

The Spanish Socialist Workers’ Party’s success in Sunday’s general election is expected to keep the country’s climate action programme on track, which includes the possibility of issuing a debut green bond.

Spain’s Banco de Sabadell surpassed expectations with its first visit to the non-preferred senior asset class on Tuesday, tightening 35bp during the pricing process and taking away €1bn of new funding.

The Spanish region of Navarre has printed its debut sustainable bond. Navarre is the third Spanish autonomous community, behind Madrid and the Basque Country, to issue a sustainable bond.

Patience is a virtue for anyone looking to challenge decisions made during a bank resolution.

Another day, another Santander call option. The bank revealed this week that it will call its 6.375% $1.5bn additional tier one perpetual note. In February it became the first bank ever to extend the life of an AT1, but its move this week gave market participants better insight into how it is likely to treat call decisions.