Spain
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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.
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A Spanish region is set to bring its first syndication in 18 months, after mandating banks on Tuesday for a five year euro deal.
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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.
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Instituto de Crédito Oficial has sold what some bankers believe may be the first negatively yielding bond from a Spanish issuer.
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Spanish property developer Metrovacesa on Friday printed a €700m deal, winning a healthy order book that proved the European corporate bond market still has legs despite heavy supply.
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Spain made a storming entrance to the 50 year benchmark club this week, lending weight to the possibility that the tenor could become a more common maturity as eurozone rates scrape along at record low levels.
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Spain showed that a 50 year euro benchmark is not just the preserve of core eurozone sovereign issuers on Wednesday and had plenty of leftover demand to suggest that Italy could follow with a half century bond of its own.
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Santander Consumer Finance launched its third deal of the year on Wednesday, raising €750m in five year senior funding.
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Spain has nipped in ahead of its eurozone periphery peer Italy, mandating banks for a debut 50 year euro benchmark on the same day that the Community of Madrid had a strong showing at the short end and Greek yields rallied across the curve.
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FIG syndicate desks were looking forward to a pick-up in primary market activity on Tuesday, after two insurers hit screens and the bank capital pipeline also grew.
