Spain

JP Morgan has appointed Marta Arteaga to its EMEA equity capital markets execution team as a vice-president.

The investment grade corporate euro bond market had shown a steady return to strength after Easter. It was then tested by eight deals in two days, but showed it was capable of absorbing such volume, and tighter spreads may even be on the cards as French aerospace and defence company Thales achieved the lowest new issue premiums for a month.

Adecco, the Swiss temporary staffing company, has become the latest blue chip to use a sustainability-linked loan structure for its main corporate revolving credit facility.

Spanish civil engineering group ACS sold the first senior green bond by a corporate issuer for more than a month on Thursday, following a European roadshow earlier in the week. Green bonds are often said to offer a pricing benefit to issuers, but the company found it still had to pay a significant new issue premium.

The investment grade corporate euro bond market had shown a steady return to strength after Easter, but Thursday's five-deal spree tested its resolve . The market last saw that many deals on March 15 – a day described by one syndicate banker as a repricing point.

Volkswagen Financial Services had been conspicuous by its absence in the euro corporate bond market in the first quarter of 2018. Having been the largest corporate issuer by volume in 2017, the company had used other markets so far this year before selling a new triple tranche deal.

Spain’s Ibercaja Banco sold an additional tier one (AT1) bond with a 7% coupon on Tuesday, making it the highest yielding bank capital instrument in the euro market.

Issue rating: Baa3/BBB-/BBB

Spanish utility Iberdrola had significant success with its debut green hybrid bond in November when it received €3.2bn of orders. However, its second such bond failed to tighten from initial price thoughts when it was issued this week.

Two new SRI corporate bonds were priced on Monday, but with very different results. Iberdrola’s green hybrid bond failed to tighten from initial price thoughts, while Danone’s debut social bond had to pay just 2bp of premium.

Spanish telecoms company Telefonica announced the sale of new hybrid issues this week while also tendering for several of its outstanding hybrids. After more than a month since the last benchmark euro hybrid issue, investors contributed to an order book exceeding €4.5bn.

Spanish telecoms company Telefonica has announced the sale of its latest hybrid new issues while also tendering for several of its outstanding hybrids. After over a month since the last benchmark euro hybrid issue, investors contributed to a large order book.