Spain

Spanish broadcasting infrastructure operator Cellnex Telecom, which finished a roadshow last week, is biding its time before bringing a deal to market, in anticipation of volatility in the coming days.

The €2.5bn rights issue of Banco Popular Español has been oversubscribed, the bank will announce on Friday, after it won solid support from core shareholders.

A vote for the UK to exit the European Union next week is likely to intensely magnify a strong rush into safe haven assets, but some bankers are still confident that after the initial furore of a ‘Brexit’ there could be room for issuers eyeing euro deals in July to go ahead. And, if the UK opts to stay in the EU, issuers are likely to be lining up to print in July.

A rush to safe haven assets amid fears of a UK exit from the European Union crystallised higher Spanish bond yields at a bond auction on Thursday.

Credit Suisse has hired Jerome Renard from Nomura as a managing director in equity capital markets. Renard has broad experience, but taking into account his French nationality and experience in Iberia, he will principally cover those markets.

While the national economy heads for the road to recovery, the industry at the core of its 2008 crisis struggles to close its wounds: after Abengoa narrowly avoided default in March, Isolux is seeking to seal a standstill agreement with its creditors.

Shares in Erste Bank and Euskaltel closed nearly 4% lower on Wednesday after two block trades were executed in their shares on Tuesday evening.

The wave of rights issues and capital raisings in the market this summer is so far going smoothly, with good news this week for Banco Popular Español, as its shares and rights perked up in trading.

Banca Popolare di Milano and Banco Sabadell issued covered bonds which, despite their negligible new issue concessions, met with exceptionally strong demand.

The German and Spanish issuers provided the main focus in the FIG market on Thursday, respectively pricing a €500m 10 year and a €1bn eight year, which were both easily sold.

Catalonia’s finance minister will describe a Moody’s downgrade of the region as “artificial and irrelevant” later on Friday, according to GlobalCapital sources.

Banco Popular Español is using an unusual syndicate structure for its rights issue after tense discussions over the deal’s terms with some of its closest relationship banks.