Spain
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German healthcare group Fresenius has mandated three banks to provide a bridge loan for its €5.76bn acquisition of Spain’s largest private hospital group, Quirónsalud, and may add a fourth, according to a banker close to the deal. -
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Instituto de Crédito Oficial re-entered the dollar syndication market for the first time since 2014 this week, with a deal that bankers said both highlighted the faith investors have in the Spanish recovery story and the sheer depth of demand in the currency.
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Spanish telecoms provider Telefónica latched onto the swell of investor demand for riskier corners of the European investment grade corporate bond market on Thursday as it issued a €1bn hybrid bond.
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Transport infrastructure group Ferrovial on Wednesday returned to the bond market after a two year absence, selling a €500m note. It was followed later in the week by two other Spanish corporates.
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Instituto de Crédito Oficial showed on Wednesday that the strong demand present in the dollar market over the last few months is not solely the preserve of the highest rated issuers.
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A trio of public sector borrowers are set to spray the short end of the dollar curve with deals on Wednesday, including one making its first visit in over two years, as markets priced in an ever decreasing chance of a rate rise at the next US Federal Open Market Committee meeting later this month.
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German health care group Fresenius is set to unroll more than €5bn of debt to fund its acquisition of Quirónsalud, a Spanish peer, which it will integrate into its Helios hospital network.
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Telefónica announced on Monday an intention to sell a portion of its telecommunications infrastructure subsidiary, Telxius. It is part of the largest listed Spanish company's attempts to reduce its debt, along with a listing of UK mobile firm, O2.
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Spain was the outlier among a trio of eurozone periphery sovereigns to auction debt this week, as its 10 year yields rose while those of the other two fell — a move that analysts blamed on Spain’s political situation.
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Abengoa, the Spanish engineering and renewable energy firm, is heading to its October make-or-break deadline convinced that 75% of creditors will support its final restructuring debt plans, thus avoiding liquidation.
