Spain
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Spain’s BBVA paid next to no new issue premium for €1.5bn of new funding this week, picking its moment to return to a very healthy market for floating rate notes. -
Gestamp Automoción, the Spanish car parts maker, has completed the largest Spanish IPO of the year so far, having priced the deal at the bottom of its initial price range late on Wednesday.
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Spanish car parts supplier Grupo Antolin found strong demand for its refinancing deal on Thursday in a high yield market where new bond sale volumes have dropped to less than a third of March’s €3bn average.
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Shares in ACS Group, the Spanish civil engineering company, closed 1% lower on Tuesday after Iberostar Hotels & Resorts, the Palma-based hotel chain, sold its entire 5.61% stake in a block trade, for €554.4m.
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Banco Popular Español’s capital levels could fall after it announced this week that it may have to restate its annual accounts for 2016. The impact would raise the risk that the Spanish bank loses the ability to make coupon payments on its additional tier one (AT1) instruments.
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A pair of European borrowers debuted socially responsible investment bonds on Monday, raising a combined €1.2bn, with one able to tighten its price by several basis points.
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Just two working days after shares in “New Abengoa” began trading, the Spanish engineering and construction sector was hit on Monday by another credit risk crisis — Isolux Corsán has until July to find €400m to avoid insolvency.
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Instituto de Crédito Oficial brought some rare short dated euro paper this week and was able to rely on heavy support outside the bank community — despite some people on and off the deal expecting banks to buy the deal in bulk.
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A flurry of activity in the market for socially responsible investments shows no sign of letting up, with two borrowers set to make their debut next week and two more waiting in the wings.
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Shares in Neinor Homes, the Spanish home builder owned by Lone Star Funds, closed 3% above their IPO price on Wednesday after it made its debut in Madrid, in a show of investor confidence in the economic recovery in Spain.
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The Autonomous Community of Madrid has announced that it will sell its first ever sustainability bond, joining the flock of borrowers landing in the socially responsible investment (SRI) market as the first quarter of 2017 draws to a close.
