Spain
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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.
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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.
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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.
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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.
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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.
