Spain

The Community of Madrid is preparing its first syndicated bond in a year, as the Republic of Italy considers following the lead of France and Belgium by publically issuing a 50 year bond.

Italy privately issued a long dated inflation linked bond and Spain drew strong demand at an auction of index linked paper this week, as bankers suggested interest could be returning to the asset class as investors bet on a return of inflation in the eurozone.

Spain’s borrowing costs fell on Thursday at the country’s first debt auction since its king dissolved parliament earlier this week.

Spanish car parts maker Gestamp on Wednesday priced a €500m secured bond to redeem all of its old euro notes at first call.

Banco Santander posted a €1.6bn profit for January to March, above market expectations but 5% down from 2015’s first quarter, which the bank blamed on local currencies’ depreciation against the euro.

Rating: Baa1/BB+/-

Thursday was the busiest day of the year so far for euro bank capital, as FIG borrowers betrayed nerves over how long investors’ risk appetite might last.

Bankinter raised €200m of well-flagged additional tier one capital on Thursday, coming good on its promise to soften the financial impact of the bank’s expansion into Portugal.

The recent run of good news on IPOs was broken on Wednesday when Telepizza made a dire debut on Bolsa Madrid after its €550m flotation, priced on Tuesday.

Amadeus, the Spanish airline ticketing systems group, has signed a €500m revolving credit facility with a group of 12 banks, bringing in two new lenders as two dropped out.

Telepizza, the Spanish pizza delivery group partly owned by Permira and KKR, closed its €550m IPO bookbuild today and is set to price it at €7.75 a share, a third of the way up the original range. It will use proceeds to repay debt, after restructuring its debt in 2014.

Spanish utility company Iberdrola will launch a new money term loan later this year, according to a banker familiar with the matter.