Spain

New money, new bonding facilities, a new army of investment funds, and a 97% debt write off were unveiled on Thursday in the latest plan to rescue the Spanish renewable energy company Abengoa from bankruptcy.

Spanish engineering firms with exposure in Latin America may not be the most heavily traded segment of the credit markets, but they are certainly proving the most vulnerable.

An auction to settle credit default swaps referencing Grupo Isolux Corsán Finance is expected to take place on August 24, the International Swaps and Derivatives Association’s (ISDA’s) EMEA Determinations Committee (DC) said on Wednesday, as it published an initial list of deliverables that only contained one bond.

The Autonomous Community of Madrid has crushed its long dated borrowing costs with a 15 year euro medium term note.

Grupos Isolux Corsán Finance has triggered a bankruptcy credit event, the International Swaps and Derivatives Association’s EMEA Determinations Committee has ruled.

The State of Brandenburg drew a well oversubscribed book for a no-grow €300m August 2036 bond on Tuesday, adding to a spurt of 20 year euro deals over the past two weeks.

BBVA has set up the first Cédulas de Internacionalización (CI) programme, a new type of covered bond asset class that is secured purely against export finance loans.

The International Swaps and Derivatives Association’s EMEA Determinations Committee has delayed until Friday a decision on whether Grupo Isolux Corsán Finance has triggered a bankruptcy credit event.

Lar España Real Estate Socimi, the Spanish real estate investment trust which specialises in shopping centres and offices, completed its €147m rights issue on the Madrid stock exchange.

Four years after Spain approved a new legal framework to support funding of export finance loans, BBVA has set up the first covered bond programme to be backed by the loans, which Moody’s rated on Wednesday. And with Spain set to update its Cédulas Hipotecarias law, others may be obliged to follow.

The International Swaps and Derivatives Association’s EMEA Determinations Committee has agreed to rule on whether Grupo Isolux Corsán Finance has triggered a bankruptcy credit event, after the Spanish engineering company suspended payments on bonds and sought creditor protection in the US.

Spain’s Cellnex Telecom, a broadcasting towers business, hit the investment grade and high yield euro markets on Monday, just over six weeks after it roadshowed for the deal.