Spain
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The Basque Country could became the latest Spanish sub-sovereign to hit the bond market in recent weeks as the regions look to get in ahead of Spain’s general election at the end of April. -
Instituto de Crédito Oficial (Ico), an already well established issuer in the social bond market, will meet investors to market its debut green bond.
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Prisa, the Spanish media conglomerate that owns El País, has agreed to acquire full control of educational publisher Santillana and will finance the deal with a €200m rights offer.
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Bankers away from Andalusia’s 10 year euro benchmark are heaping praise on the trade, which was priced on Tuesday.
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CaixaBank took advantage of strong market conditions to issue a €1bn seven year senior preferred transaction on Tuesday with strong demand allowing the issuer to price flat to its curve. At the same time, RBS opened order books for a dollar-denominated five year senior deal.
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Abertis Infraestructuras, the Spanish toll roads group, launched on Monday the four tranche bond issue it had roadshowed for last week, and found Europe’s corporate bond market as avid for paper as it has been for the last couple of weeks. That enabled it to achieve a huge book totalling €14.5bn and at least one negative new issue premium.
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Two multi-tranche triple-B euro bond offerings are on the way, from European countries, each with an unusual credit history. Abertis Infraestructuras is roadshowing all this week to refinance the bridge loan from its takeover by Atlantia and ACS, while Schaeffler is bringing its first bond as an investment grade issuer.
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Telefónica, the Spanish telecoms group with €55bn of debt, came to the euro market on Tuesday to refinance two of its hybrid capital bonds. It launched a tender offer for the pair, which now total €1.3bn, and a hybrid new issue to replace them, tacking on opportunistically a 10 year senior bond issue.
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Sell-side sources are hoping that Iberian ECM can return to its golden age with sellers prepping more issuance after two deals hit screens in the last week.
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