Spain
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Despite the ECB’s backstop bid, covered bond trading is a tough business. Tight spreads may help investors score mark-to-market gains, but discourage them selling since replacement assets are scarce. But the market is evolving, e-trading is on the march and traditional dealer rankings are changing too.
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NRW.Bank will be the next SSA borrower to tap the euro market, after two eurozone sovereigns raised a combined €11.4bn through auctions on Thursday, making the most of a week largely free from political volatility. -
Issuers crammed into the market on Tuesday with pharmaceutical firm Pfizer bringing the second multi-tranche Reverse Yankee this week, while Iberdrola ratcheted in pricing on a green bond — investors said they were enjoying the busy spell.
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Spain rode out another volatile day in eurozone government bonds on Wednesday to finish up with a healthy €5bn of 15 year paper from an order book nearly treble that size.
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Spain rode out another volatile day in eurozone government bonds to finish up with a healthy €5bn of 15 year paper from an order book nearly treble that size.
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Spain is set to bring its second benchmark of the year after mandating banks on Tuesday, as the country enjoys a spell of stability compared to some of its eurozone peers and a market that appears to be calming after a volatile start to the week.
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Europe’s IPO market — sluggish, so far this year — is beginning to warm up, with the announcement of a smattering of new deals this week.
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A trio of eurozone government borrowers are rumoured to be mulling deals in the coming weeks, with conditions at the long end in euros looking stronger than earlier in the year.
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Spanish travel distributor Hotelbeds is planning an add-on of its original LBO loans to fund the acquisition of Tourico Holidays, a US peer.
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