Spain
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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. -
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.
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Moody’s on Tuesday cut the rating of Obrascón Huarte Lain, the Spanish construction company which last week tried to repay a €300m 2020 bond to rein in its debt.
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BBVA returned to the covered bond market for its first deal since November 2015, pricing a well oversubscribed €1.25bn seven year with barely any new issue concession and a long way through the Kingdom of Spain’s spread. The transaction followed one from Toronto Dominion, which on Monday became the first Canadian bank to issue in the US dollar covered bond market this year.
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Public sector borrowers from the eurozone periphery are preparing a flurry of issuance in the next few days, with one still smarting from a change to its rating outlook late last week.
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Spain’s troubled renewable energy multinational Abengoa told GlobalCapital on Monday it could announce a joint plan with creditors to avoid bankruptcy as soon as this week — some 15 days before its March 28 deadline.
