Spain

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.

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.

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.

Instituto de Crédito Oficial looks set to print its third social bond later this year, which could break with its previous two offerings and come in the dollar market.

Instituto de Crédito Oficial brought some rare short dated euro paper to the market on Monday, as it raised €500m with a long three year deal that drew heavy interest from investors outside Spain.

Spanish hotel chain NH Hotel Group launched a sub-benchmark add-on of its 2023s to cut the size of the old 2019 issue and pocket savings of more than 300bp.

Shares in Prosegur Cash, the Spanish cash handling company, closed 3.75% higher in Madrid after it made its stockmarket debut on Friday, having priced its IPO at the top of its revised price range on Thursday.

The IPO of Neinor Iberica, the Spanish property developer owned by Lone Star Funds, is oversubscribed at its fixed price of €16.46 on the first day of its bookbuild.

Two more IPOs of significant size were announced this week in Western Europe, and with four weeks to go until the start of the Easter holidays, they are likely to be the last of this IPO season to be launched.

The IPO market in Europe continues apace, with the announcement of two more sizeable flotations so far this week. Another, smaller IPO in Amsterdam has reached a successful conclusion.

Former regional head of BNP Paribas’ global markets in the Iberia region, Joe Lovrics, has joined Citi as head of its Spain and Portugal markets franchises.

Gestamp Automoción, the Spanish car parts maker, has begun investor education for what is likely to be the largest European IPO of the year so far, after its Ebitda grew by 10.6% in 2016.