Spain
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Spanish IT company Amadeus will complete its €500m revolving credit facility later this week with some changes to its bank group, according to a banker familiar with the deal. -
Bankinter will begin meeting investors for a sale of additional tier one bonds on Wednesday, while fellow Spaniard Banco Sabadell and Italy’s UBI Banca are also set to issue capital in the next few days.
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Carlyle conducted its second block trade in Applus Services shares on Wednesday night. The industrial testing and inspection company has been a poor bet for investors in its €1.2bn IPO in May 2014. Exposure to the oil and gas industry has cost it 40% of its market value.
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Distribuidora Internacional de Alimentación, the Spanish discount food retailer, issued €300m of five year bonds on a busy Monday when there were two other deals in the market.
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BBVA’s third additional tier one transaction, priced last week, is likely to demonstrate the increasing importance of “future supply overhang” for the product’s performance, according to TwentyFour Asset Management.
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Spanish property investment company Merlin Properties issued its debut bond on Thursday and found a roaring reception from investors, like many of its compatriots that have issued in the past fortnight.
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Iberdrola, the Spanish electricity and gas company, issued its second green bond on Thursday, and increased the 10 year deal to €1bn in response to strong demand.
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BBVA’s third additional tier one transaction is likely to demonstrate the increasing importance of "future supply overhang" for the product’s performance, said TwentyFour Asset Management on Monday.
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BBVA launched the first euro denominated AT1 transaction since February’s sell-off this week, pricing the bond through its outstanding notes’ yield to call and fuelling hopes the primary market is fully open once more.
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Portugal brought a dual tranche syndicated tap this week, in what some bankers felt was a disappointment amid a busy market where every other deal went well — but the leads were quick to defend the trade.
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