Spain
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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. -
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.
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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.
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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.
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Spain’s borrowing costs fell on Thursday at the country’s first debt auction since its king dissolved parliament earlier this week.
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Spanish car parts maker Gestamp on Wednesday priced a €500m secured bond to redeem all of its old euro notes at first call.
