Spanish Sovereign
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The Autonomus Community of Andalusia received plenty of demand for its first syndication in over seven years on Wednesday, allowing the issuer to increase the size of its deal and tighten pricing. -
The Autonomous Community of Andalusia has mandated banks for what Dealogic data shows is its first syndication since May 2011.
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A debut sovereign green bond from Ireland and benchmark from a Spanish agency provided the firmest proof yet that the fiscal stink over Italy’s planned budget deficit has not put investors off other SSAs in the eurozone — even those that until recently were in the same ‘periphery’ bucket as Italy. But bankers are concerned that Italy’s standoff with the European Union has further to run — and that a BTP spread over Bunds of 400bp will be the breaking point.
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Spain's Fondo de Amortización del Déficit Eléctrico (FADE) will look to the private market to complete its 2018 funding programme, following the sale of its second and final syndication of the year.
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Fondo de Amortización del Déficit Eléctrico braved volatility in the eurozone periphery bond market on Wednesday for its second benchmark of the year.
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Italy’s latest political drama is making investors nervous, and rightly so — when the leader of a country’s main governing party accuses European leaders of market ‘terrorism’, in the vein of an ‘EU equals the USSR’ conspiracy theorist, then you’d be right to dump its bonds. But the steadiness of Spanish and Portuguese govvies through all this shows not only that the term ‘eurozone periphery’ may have to be consigned to the historical dustbin, but that the firewalls erected by those same European leaders after the last sovereign debt crisis are standing firm.
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Spain reopened the post-summer peripheral sovereign market in style, achieving its largest order book for an inflation linked bond since its inaugural trade in the format in 2014.
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Public sector euro benchmark supply is set to restart after a lull last week, with a eurozone sovereign and a French agency hitting screens on Monday for pricing on Tuesday.
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Catalonia cancelled its ratings contract with S&P Global last Friday to save costs, according to an official at its Treasury. But the source added that rating agency reports “don’t show the actual picture of Catalan finances” due to Spanish central government control.
