Spain

The week's heavy pace of investment grade corporate bond supply extended into Thursday, as lower rated issuers dominated deal flow and crossover names thrived.

Gas Natural Fenosa, the Spanish energy firm, kept the long end alive on Wednesday as it issued a €1bn 10 year bond that won over two times oversubscription.

Santander revealed on Wednesday it was considering printing total loss-absorbing capacity (TLAC) eligible instruments before Spain has given its final approval for the creation of senior non-preferred debt.

Foncière des Régions, the French property company, has achieved a covered book for its €348m capital increase to finance the acquisition of a portfolio of 19 Spanish hotels through its subsidiary Foncière des Murs.

Spanish telecoms provider Telefónica hit the euro market on Tuesday for a dual tranche offering that tested the outer limit of investors’ appetite for long tenors.

Equity block trading in Emea reopened on Wednesday evening with a €114m sale of stock in Parques Reunidos, the Spanish leisure park operator that was one of the poorly performing IPOs of last year. But surprisingly, other deals have not appeared.

Four covered bonds issuers raised almost €6bn between them at the long end of the curve this week, suggesting borrowers are prioritising tougher, longer duration deals. And while conditions permit some are issuing in the largest size possible.

Arle Capital Partners reopened the equity block trade market in Emea for 2017 on Wednesday evening by offering a €114m block of shares in Parques Reunidos, the Spanish leisure park operator.

Foncière des Murs, the French property company controlled by Foncière des Régions, will raise €200m of equity in a rights issue to partly finance its €542m acquisition of a portfolio of 19 Spanish hotels from Merlin Properties.

As a year where political upsets became the norm drew to a close, GlobalCapital picks the standout trades from a turbulent 2016.

Four covered bond issuers returned to the market on Tuesday with the first deals of 2017. Two €1.5bn 10 year transactions showed that borrowers are prioritising the tougher, longer duration deals and, while conditions permit, issuing in large size.

Unicaja Banco sold a €192m block of shares in Iberdrola, the Spanish electricity company, on Thursday night, in an accelerated bookbuild led by UBS.