Spain

Fomento de Construcciones y Contratas, the Spanish construction company, said on Thursday that it had received a 99.72% take-up on its €710m rights issue, which was placed without banks. But the market will have to wait till next week to find out how large Carlos Slim’s stake in the firm is now.

Santander Consumer Finance added to a run of FIG Swiss franc issuance this week, printing just its second bond in the currency.

Telefonica’s €600m equity-neutral convertible bond, launched and priced on Wednesday, proved controversial and had to be restructured mid-sale, highlighting the discomfort many investors feel with some of the currently fashionable CB structures.

A group of four banks have launched a $300m three year bullet that marks Santander Consumer Finance’s (SCF) debut in the Asian syndicated loan market.

Fomento de Construcciones y Contratas, the Spanish construction company, released the take-up figures for its rights issue on Thursday.

Delve into the details of their respective economic and political prospects, and Italy’s investor credentials are seemingly more favourable than Spain’s, writes Jeremy Weltman.

Spain and Portugal continued to suffer political turmoil this week, with bankers worrying that Spain’s troubles might lead to a widening of its spread over Italian bonds.

Santander Consumer Finance opened up a new Tokyo Pro-Bond programme worth €10bn on Tuesday, following a similar move from its UK sister borrower last year.

Spain's spread over Italian bonds could widen further as investors fret over its finances while responding positively to the reforms led by Italy prime minister Matteo Renzi, despite Spain shrugging off a move from positive to stable outlook from Moody's late last week.

Rating agency Moody’s on Friday added its voice to those of analysts and investors in London and Madrid asking for details on Abengoa’s debt reduction.

Spain took advantage of much better conditions compared with turmoil last week to cut its three and five year borrowing costs at auction on Thursday — although its 10 year yields rose.

Bankia will repay retail investors the €1.85bn they invested in the Spanish bank’s ill-fated initial public offering, to compensate them for losses incurred.