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