Spain
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Banco Popular Espanol’s covered bonds barely reacted to credit stress afflicting bonds further down its capital structure ahead of the Spanish lender’s resolution on Tuesday evening. This may have illustrated the effectiveness of the Covered Bond Purchase Programme (CBPP3) but also showed confidence in the asset class, the regulator and the Spanish banking system.
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A pair of eurozone periphery SSAs are tackling opposite ends of the euro curve this week. Italy will launch a 30 year benchmark on Wednesday, while a Spanish agency drew a doubly subscribed book for a three year. -
Banco Popular’s additional tier one (AT1) instruments took another beating on Monday, but the FIG sector has taken courage from the market’s ‘mature’ reaction to the Spanish firm’s evolving problems.
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Unicaja Banco, the eighth largest bank in Spain by assets, has announced its intention to float on the Spanish stock exchanges, joining Ireland’s Allied Irish Banks in the pre-summer IPO market.
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Spain’s CaixaBank attracted more than €3.5bn of orders on its first entry into the additional tier one (AT1) market on Thursday, despite growing caution around the precarious financial situation of its compatriot Banco Popular Español.
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Banco de Crédito Social Cooperativo was warmly welcomed on its return to the tier two market on Wednesday, as Spanish banks capitalise on strong conditions by plugging the market with subordinated debt.
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Spain’s CaixaBank picked banks to arrange the sale of its first additional tier one (AT1) on Friday, the latest in a string of capital issues from the country’s financial institutions.
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Santander placed three taps of a senior non-preferred May 2023 line on May 19, raising a total of €270m. The issuer was one of the first Spanish banks to issue this type of private placement, which drew significant investor demand.
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Moody’s now takes a more lenient approach to rating covered bonds compared to newcomer DBRS, DZ Bank covered bond research analysts have revealed. The change should help protect its share of the market which may be shrinking due to the prevalence of covered bonds with only one rating.
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Permira has offloaded the rest of its shares in Telepizza, the Spanish pizza delivery company, just over a year after the company’s troubled €550m IPO in April 2016.
