Spain
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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. -
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.
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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.
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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.
