Spain

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.

Banco Santander’s exposure to the UK came at a steep price in its results for the first half of 2016, with profits down by 32% despite growing lending and customer funds.

European Central Bank president Mario Draghi has in effect told market participants to come back after summer if they want to see any further monetary stimulus — but belief that such stimulus is on the way helped a trio of euro deals this week.

Spain on Thursday sold three year debt at a negative yield for the first time, capitalising on a fall on yields over the last few weeks that many bankers attribute to investor expectations of central bank stimulus.

The immediate post-Brexit result landscape looked like a daunting one for eurozone periphery issuers. But just under a month later, one could argue they have never had it so good.

The lack of any concrete monetary easing announcements at a meeting of the European Central Bank’s governing council on Thursday could spark a rise in eurozone periphery sovereign yields, analysts have warned.

Naviera Armas, the Spanish passenger and cargo ferry operator, on Thursday offered its first ever bond. Naviera's bond is also the first debut in the post-Brexit high yield market, which has been dominated by southern European borrowers.

Spain drew nearly €30bn of orders for a new €6bn 10 year benchmark on Tuesday, as Cyprus tightened pricing by 20bp on a seven year deal.

Spain is lining up its second 10 year euro benchmark of the year, as bankers responded to a question about market conditions with: “It’s game on.”