Spain
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The Spanish sovereign launched a €9bn 10 year on Tuesday, bringing the largest eurozone sovereign syndication so far this year. -
Obrascón Huarte Lain, the Spanish construction company, sold a 1.84% stake in Abertis, the Spanish toll roads group, through an accelerated bookbuild launched on Monday evening that was covered very quickly after launch and priced with no discount to the close.
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Two more European sovereigns have hit screens with 10 year euro mandates, hoping to enjoy the same success that Portugal and Belgium with their deals at the 10 year range this year.
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Spanish and French covered bonds were well supported on Monday with further buying reported following demand seen last week. With only one Spanish Cédulas seen so far this year, the market should be receptive to more supply.
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Fresenius, the German healthcare company that launched the first equity-neutral convertible bond in 2014, returned on Thursday to issue another successful deal, this time to complete the financing of its €5.76bn acquisition of Quirónsalud, the Spanish hospitals group.
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The Autonomous Community of Madrid has hit the long end of the curve with a 20 year private placement for its first deal of 2017.
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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.
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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.
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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.
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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.
