Spain

The State Council grants PBoC greater powers with new commission, China reports 6.9% year-on-year GDP growth in the second quarter, and Spain plans its first Panda bond.

Spain’s Principality of Asturias sold a pair of bonds on Wednesday, coming to market for only the fourth time since its debut six months ago, according to Dealogic. A Moody’s report published on Wednesday indicated that more Spanish regions are set to come to market.

CaixaBank quietly priced a Cédulas Hipotecarias issue on Friday, only 3bp wider than where Nationwide recently issued. At 1.5%, the yield will have attracted big German insurers and at 33bp over mid-swaps the 15 year duration offered great funding for the borrower, especially in the context of a potential end to the European Central Bank's Covered Bond Purchase Programme.

Instituto de Crédito Oficial (Ico) sold its third social bond on Monday, printing €500m of four year paper with what bankers on the trade said was a skinny new issue premium.

Guarantor: Kingdom of Spain

Benchmarks from the Inter-American Development Bank, KfW and Spain have now been scored in GC BondMarker. While two of the deals met with a warm reception from voters, one deal was not so popular.

Predictions that financial institutions would ebb as the mainstay of equity capital markets business after the major post-crisis wave of recapitalisations had been completed have proved premature.

Bankia paid a very slim new issue premium for its debut additional tier one deal on Thursday, as investors showed they were willing to support two tightly priced trades from riskier Spanish banks in two days.

Banco Santander has launched its €7.07bn fully underwritten rights issue to support its acquisition of the failed Banco Popular Español, saying it expects to make a return on investment on the deal of 13% to 14% by 2020.

Santander said on Tuesday that it expected its net profit for the first half of 2017 would be up 24% compared with last year, before considering its recent purchase of Banco Popular.

UBI Banca, the Italian bank, completed its €400m rights issue on Friday June 30, when the tiny rump of 6.7m rights, not subscribed for during the subscription period, were all sold on the stockmarket in the first few minutes they were offered.

Instituto de Crédito Oficial sold its third social bond on Monday, printing €500m of four year paper with what bankers on the trade said was a skinny new issue premium.