Spain
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Criteria Caixa was well received on its return to the euro senior unsecured bond market on Wednesday, as Spanish financial institutions capitalise on investors’ confidence in the country’s economic recovery. -
Spain’s Criteria Caixa picked banks to arrange the sale of new senior unsecured bond on Tuesday, having discussed a new debt offering with investors at the end of last year.
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Spain’s Banco de Sabadell is gearing up to sell its first additional tier one (AT1) in the euro market and participants expect the result will be very well received by the product’s investor base.
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Emmanuel Macron’s topping of the first round of the French presidential election last weekend drove the best euro funding conditions for months. Public sector borrowers duly piled into the primary market. With more political risk ahead, many are racing to be 75% done for the year by summer, writes Craig McGlashan.
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Elation in the euro markets after the first round of the French presidential election at the weekend continues to wash over the public sector bond markets, with the Province of Quebec selling its largest ever benchmark in the currency and Spain printing €5bn of inflation-linked paper.
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Santander’s Brazilian operations were behind a 14% increase in the group’s attributable profit for the first quarter, with the UK arm also rebounding from a weaker 2016.
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The European Financial Stability Facility on Tuesday priced a dual tranche deal that bankers are describing as possibly its greatest ever, laying to rest some of its other long dated trades this year that drew criticism. A pair of other issuers have also hit screens in a euro market enjoying what one syndicate head called “probably the best conditions we’ve seen in months”.
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Talks are set to begin in Spain to reform the financing mechanism for the country’s regions, which could lead some to their return to the primary bond market for the first time in years. But as with seemingly everything in bonds this year, politics could yet scupper the efforts, write Craig McGlashan and Victor Jimenez.
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Rare covered bond issuers from Portugal and Spain made a surprise return to the market this week after long absences with transactions that, under the circumstances, were very well received.
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Banco Sabadell enjoyed a strong reception for its €1bn 10 year Cédulas which was priced on Wednesday, partly reflecting the paucity of Spanish covered bond supply, especially at the long end of the curve.
