Spain

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.”

Spanish infrastructure and renewable energy company Acciona has amended a loan signed in March 2015, increasing the deal size and reducing the margin.

Spain blew through its latest auction target with sales of debt at five, nine and 15 years, thanks to a drastically reduced cost of funds.

Tuesday night's €815m block trade in Abertis shares for Obrascon Huarte Lain, the Spanish construction company, was a daring reopening of equity issuance after the UK's shock vote to leave the European Union. But despite the deal's success, it has been followed by surprisingly poor trading in OHL's shares and bonds.

Iberdrola, the Spanish energy company, completed a €500m multicurrency, new money loan deal on June 30, one week after the UK's EU referendum.