Spain
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One of Abengoa's subsidiaries has signed a liquidity facility with a group of investment funds. -
Eurozone periphery sovereigns are stamping down their borrowing costs at auctions amid a wave of dovish central bank actions — but one sub-sovereign in the region stands alone in suffering a sharp rise in its yields.
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Spain borrowed three year cash at a record low yield on Thursday, as eurozone government bonds basked in a second consecutive week of dovish central bank comments.
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After disclosing on Wednesday details on its €9.3bn debt restructuring, the renewable energy multinational, Abengoa told GlobalCapital it may push to extend the length of its three month pre-insolvency proceedings.
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Italy will bring the next line of its domestic inflation linked BTP Italia product in three weeks, sticking with a similar process to its last issue.
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Santander brought peripheral bank capital back to the FIG market on Tuesday, as the recent rally showed little sign of wearing off following last week’s European Central Bank meeting.
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The government of Catalonia is confident that it will soon be able to complete a plan to convert some of its debt from short term to long term, a delay in which led Moody’s to place the region’s Ba2 rating on review for downgrade last week.
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After a string of strong syndications and auctions from the eurozone periphery during the last seven days, issuers from the region could be set to enjoy even lower yields thanks to the latest monetary stimulus package from the European Central Bank.
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BBVA priced a well oversubscribed €1.25bn seven year with barely any new issue concession and a long way through the Kingdom of Spain’s spread.
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Lenders and bondholders representing 40% of Abengoa’s creditors joined efforts on Thursday with the company’s founding family, the Benjumeas, to present a rescue plan of a name that has become Spain’s most infamous borrower of recent times.
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All bonds great and small from the Iberian market were available on Tuesday, as the Spanish sovereign brought a long-awaited 30 year syndication and the Community of the Basque Country made a rare visit to the market.
