Spain

It may be late November, but equity capital markets are still busy with a stack of high profile deals, even now that last week's four Greek bank recapitalisations are out of the way. Abengoa's rights issue now looks unlikely to go ahead, as the company's woes have deepened.

CVC Capital Partners sold its last shares in Abertis Infraestructuras, the Spanish toll roads and telecoms infrastructure company, on November 19 in an €818m block trade that gave Bank of America Merrill Lynch’s league table standing a big boost.

Deutsche Bank’s Spanish subsidiary issued its first publicly placed Cédulas Hipotecarias on Tuesday, setting a strong foundation for a further €3bn that it hopes to sell.

The European Central Bank has given its strongest hint yet that it could introduce more monetary easing in December, as eurozone periphery issuers enjoyed falling yields and strong demand.

Spain auctioned three year debt at a record low yield on Thursday, but its borrowing costs may have further to fall after the European Central Bank gave a strong hint that it could introduce more monetary easing.

Cores, the agency which stocks Spain’s fuel supplies, printed its first syndicated bond in over a year on Wednesday. French investors propelled the international demand for the paper.

Public sector borrowers are putting the final touches to their funding programmes for the year amid stable market conditions, but there are few signs that any will pre-fund for 2016 in large size.

Deutsche Bank’s subsidiary in Spain successfully issued its first publicly syndicated Cédulas Hipotecarias on Tuesday. The €1bn five year, which attracted a comfortably oversubscribed book, sets a strong foundation for further benchmark supply expected over the next two years.

Deutsche Bank will open books for a five year Cédulas Hipotecarias on Tuesday following last week’s roadshow.

Abengoa is negotiating with five banks and Spain's government for a new €1.5bn credit facility, as the Spanish establishment has rallied round to save the debt-laden renewable energy engineering group, writes Victor Jimenez.

Amadeus, the Spanish company that provides IT systems to the air travel industry, reaped the rewards of five weeks of patience on Tuesday as its €500m six year no-grow bond brought in an order book of over €4.75bn.

BBVA issued a €1.25bn five year covered bond on Tuesday that attracted an order book unequaled in size in the Cédulas market since July.