Spain
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Deutsche Bank is set to go on the road and market its first Cédulas Hipotecarias while DBS Bank of Singapore is set to market the first Asian covered bond in sterling
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Six borrowers raised nearly €5bn in the covered bond market this week, once again surpassing supply expectations. The star attraction, notable for both its size and tenor, was a €1.5bn three year from the Norwegian issuer, Sparebank 1 Boligkreditt.
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Spain cut its long term borrowing costs at a debt auction on Thursday, as it hit the middle point of its target volume range. -
Caixabank, Spain’s largest retail bank, priced a €1bn five year deal on Wednesday, attracting investors with a generous new issue premium. The transaction attracted the broadest and deepest distribution of any Spanish deal since July.
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A rare public sector issuer from the eurozone periphery could bring some euro supply late in the year after hiring banks on Tuesday to run an investor roadshow.
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The head of corporate syndicated lending for EMEA and Asia at BBVA retired from the bank on Friday.
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Deutsche Bank is set to go on the road and market its first Cédulas Hipotecarias, which was rated Aa2 with Moody’s on Monday.
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Three issuers launched covered bond benchmarks in euros this week, down from nine in the previous week, as borrowers anticipated an improvement in market conditions and lower new issue concessions.
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Profits at Santander’s global corporate banking arm fell as the bank faced higher costs developing new franchises.
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Banco Sabadell attracted exceptionally strong demand for its second covered bond of the year. Higher-rated Cédulas have rarely offered a spread over Spain since 2011, but this deal did, which made all the difference.
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Abengoa, the Spanish renewable energy company, suffered yet another unsteady trading session on Thursday over revelations in a leaked KPMG report of a €250m cash deficit.
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Energía & Celulosa (Ence), a Spanish producer of eucalyptus pulp and biomass energy, opened a roadshow on Wednesday for €250m of bonds, in a high yield market that bankers see as slowly reviving.
