Spain
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The European Stability Mechanism has cut more than 20% from its funding target for 2018 after approving a request from Spain to pay back €5bn of its ESM loan ahead of schedule. -
Despite a turbulent Monday for markets in Asia, Europe and the US, HSBC successfully completed the sale of 4.7m subscription rights for shares in Prisa, the Spanish media group that owns El País, ahead of its €563m rights issue.
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While the fast pace of issuance that characterised the SSA market in January has abated, the euro sector provided some rarer names with funding across the curve this week, in spite of a general widening of spreads.
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The IPO of Metrovacesa, the Spanish property developer, finished oversubscribed on Friday after the deal was repriced downwards after reaching the end of its scheduled bookbuild period without any covered message having been given.
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The investment grade corporate bond market started February with the second busiest day of 2018 so far, picking up after a relatively quiet January. Acea, Ford and Prosegur Cia de Seguridad, sold five tranches between them, including two floating rate notes (FRNs), on the first day of the new month.
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The investment grade corporate bond market has started February with intent, with Thursday registering as the second busiest day of 2018 so far.
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France is hoping to add its name to a growing list of sovereigns in China’s Panda bond market, having discussed the possibility with at least two of the country’s biggest state-owned banks.
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El Corte Inglés, Europe’s largest department store group, has agreed a debt refinancing of up to €3.65bn and negotiated better terms, even as bankers fret about how loose lending conditions are becoming.
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Iberdrola, the Spanish electricity company, has amended and extended €5.3bn-equivalent of green loans, in what it claims is the largest sustainable finance transaction ever. It has locked in its best bank facility terms for more than a decade.
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While Tuesday brought a flurry of euro benchmarks, the pace of issuance will slacken on Wednesday as the market battens down for a busy week of US data announcements.
