Spain
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Banco de Crédito Social Cooperativo had a tricky entry into the bank capital market on Tuesday, but the small Spanish lender managed to walk away with its first ever tier two deal. -
Spain has lopped €5bn off its 2016 funding programme and has applied to make a fourth early repayment of part of its loan from the European Stability Mechanism (ESM).
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Barcelona-based real estate company Inmobiliaria Colonial on Friday sold its new eight year bond to repay the four year tranche of its debut bond maturing in 2019.
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Portugal’s bond yields fell to levels last seen in early September, as investor worries eased over a vital ratings review of the sovereign by DBRS this Friday.
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Officials from Madrid this week sent the clearest message yet from a European Union country that the race to grab portions of London’s financial empire has begun.
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Spain has auctioned 50 year debt for the first time, wiping more than 80bp from its cost of funds compared with when it first syndicated the paper nearly six months ago.
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Euro issuance this week is very much focused on long dated bonds, with Bank Nederlandse Gemeenten printing a 20 year syndication on Monday and other European agencies and sovereigns looking to tap the long end of the curve via auctions.
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Fresenius has completed a €1.2bn incremental loan to help fund the acquisition of Spanish hospital group Quirónsalud. The company has also added a fourth bank to a separate €3.75bn club loan to help fund the purchase, according to a banker close to the deal.
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Including redemptions and central bank buying, the investable eurozone covered bond market has shrunk almost €80bn so far this year. No surprise, then, that three seven year deals issued this week by Ibercaja, Banco Sabadell and Bank of Montreal were swamped with demand.
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Including redemptions and central bank buying the investable eurozone covered bond market has shrunk almost €80bn so far this year. No surprise then that seven year deals issued on Thursday by Banco Sabadell and Bank of Montreal were swamped and priced with virtually no concession.
