Spain
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Banco Sabadell mandated leads on Tuesday for only the second Spanish Cédulas of the year which, by virtue of its rarity, is likely to be warmly received. -
Santander opened order books for a perpetual non-call five year additional tier one (PNC5 AT1) on Tuesday and found ready demand, despite mounting anti-EU sentiment in French opinion polls and an early election being called in the UK.
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Spanish plasma drug group Grifols wrapped up an all-debt refinancing programme on Wednesday as high yield spreads continued to tighten. But market participants warned that terms can hardly become even more issuer-friendly.
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Private equity firm Black Toro Capital has invested €40m to finance an acquisition by a private company that will create Spain’s largest ice cream maker.
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Crédit Agricole became the largest shareholder of Abengoa on Tuesday, after Banco Santander disclosed to the Spanish financial regulator the sale of most of its holding in the engineering group.
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Santander’s former head of Middle East corporates, Wafi Saleh, has joined Spanish business services firm PKF Attest as a partner of the debt capital market division.
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Shares in Gestamp Automoción and Banca Farmafactoring, which had performed poorly on their first day of trading after their IPOs on Friday April 7, steadied this week, providing relief to equity capital markets bankers anxious to avoid poorly performing deals putting off investors.
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Potential high yield bond issuance for this week shot up above €2.4bn with a new €1bn offering from Grifols, the plasma medicine manufacturer based in Barcelona, which is closing the last leg of its debt refinancing.
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Market participants were unimpressed by the European Union's effort at the long end, but the week's other benchmarks fared better.
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The palette of socially responsible investment bonds is expanding. Two borrowers made SRI debuts this week with a social inclusion bond and a sustainability bond, while a third has announced its intention to follow suit.
