Spain
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The pipeline of environmental and social governance bonds is filling up with European public sector borrowers. Two are set to put on green bond roadshows in the weeks to come while a third is planning its social bond debut this year. -
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The Autonomous Community of Madrid intends to become the first Spanish region to issue a bond for the socially responsible investment market.
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The Autonomous Community of Madrid launched its largest syndication in two years on Wednesday, in spite of difficult conditions in the euro market.
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Criteria Caixa, the unlisted holding company, has sold a 5.3% stake in CaixaBank, the Spanish lender, for €1.06bn, through an accelerated bookbuild launched on Monday night that was completed without a covered message.
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CaixaBank comfortably raised €1bn of new tier two capital on Tuesday, despite signs that executing trades could start to grow trickier in February.
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Interest built slowly for a tightly priced €1bn tier two from BBVA on Thursday, as bankers pointed towards growing caution among investors.
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Fondo de Amortización del Déficit Eléctrico (FADE) was warmly welcomed by capital markets on Tuesday for its first benchmark in 18 months, while Asian Development Bank hit screens looking for its first syndicated euro deal in almost three years. HSH Finanzfonds also raised cash on Tuesday.
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A few of Europe's smaller borrowers are trying their luck now that the storm of issuance that thronged markets through most of January has abated.
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Spain added another entry to its growing book of blockbuster trades this week, using a novel early-bird feature to help drum up demand for its traditional 10 year annual opener. The deal came as Italy’s spread over Spain widened, despite a court ruling that analysts said should be positive for political stability in Italy in the near term.
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