Spain
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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. -
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.
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Spain’s BBVA priced €500m of additional tier one paper with the lowest coupon of any southern European issuer this week, following its compatriots Banco de Sabadell and Santander in taking advantage of healthy appetite for the product.
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Abengoa’s yieldco spinoff, Atlantica Yield, took a step further from its troubled Spanish major shareholder on Monday, having received its first double-B rating from Standard & Poor’s.
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Emmanuel Macron’s election as French president last weekend was the catalyst for a flood of revved up euro deals this week, with issuers and investors aiming at the long end of the curve as the biggest known political risk in Europe this year passed with a market-friendly outcome. Craig McGlashan reports.
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Spain’s Repsol brought the first ever green bond from an oil major to the market on Tuesday, leaving green investors to pick through the morals of financing a sector that environmentally responsible finance was created to help mitigate.
