Spain

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.

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.

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.

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.

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.

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.

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.

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.