Spain

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.

Banco Popular Español’s newest additional tier one issue traded at its highest level since January on Thursday, after it surprised market participants with plans for a €2.5bn rights issue to fund a large increase in bad loan provisions.

The Autonomous Community of Castille and León sold on Wednesday its first bond in several years, eschewing the cheap funding available from its central government in favour of greater independence.

A Spanish region is set to bring its first syndication in 18 months, after mandating banks on Tuesday for a five year euro deal.

Caja Rural de Castilla-La Mancha this week issued the first Cédulas in more than two months and swept aside concerns that peripheral issuers would need to pay lavish new issue concessions.