Spain
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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. -
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.
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Inmobiliaria Colonial, the Spanish property company, successfully raised €253m on Thursday night in a 10% capital increase to finance new investments, capping a busy week for block trades.
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Banco de Sabadell’s was more than six times oversubscribed for its first additional tier one (AT1) deal on Friday, allowing the Spanish bank to price the deal 50bp tighter than initial price talk.
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Spanish banks have taken just over four months to shoot past the supply totals they managed in the whole of last year, after yet another impressive deal was priced this week. With the creation of a new senior asset class potentially just around the corner in Spain, 2017 could turn out to be a bumper year for the nation’s financial institutions.
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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.
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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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