Spain

Block issuance has been active this week, with three notable accelerated bookbuilds all sold well. Monday also brought the announcement of what could be the largest IPO in London this year.

Two equity block trades came out in the European market on Tuesday evening, both of which achieved successful sales.

The Spanish bank has mandated leads for a roadshow to market what will be its first covered bond in six years.

One of the most regular names in Europe’s equity block trade market, Abertis Infraestructuras, was the subject of another deal on Monday night, with regular bookrunners UBS, Bank of America Merrill Lynch and JP Morgan at the helm.

Shares in Telefonica, the Spanish communications giant, fell as much as 4.75% on Friday morning after the Spanish communications giant decided late on Thursday to scrap the IPO of Telxius, its telecoms infrastructure division, after it failed to attract enough demand from investors at an acceptable price.

Indra Sistemas, the Spanish software company, joined this week’s flurry of convertible bond deals on Wednesday, by launching a buy-back and new issue, rather like Crédit Agricole had done the day before with its exchangeable into Eurazeo shares.

Spanish natural gas utility Enagás is in talks with its relationship banks to refinance a €1.5bn revolving credit facility.

Rating: Baa2/BBB+/BBB

CaixaBank, the Barcelona-based retail bank, has launched a €1.3bn accelerated bookbuild this evening to sell a 9.9% stake in itself, as part of its move to take over Banco BPI of Portugal. The deal is one of four block trades in the European market this evening.

Worries over an upcoming Italian constitutional referendum have driven a wedge between Italy and Spain’s sovereign bond curve, which is at a level not seen since January 2015, according to Société Générale.

Worries over an Italian constitutional reform referendum have driven a wedge between Italy and Spain’s sovereign bond curve, which is at a level not seen since January 2015, according to a note from Société Générale.

The Community of Madrid on Wednesday priced a eight year euro syndication fractionally inside the Italian sovereign curve.