Spanish Sovereign
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Retail bid to the rescue as central bank bows out
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Issuer prices deal with 2bp-3bp of concession but views divided on fair value
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The sovereign chose a 15 year tenor despite peers demonstrating demand for even longer debt
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Strong demand for euros in primary SSA market extends
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Issuer is latest eurozone sovereign to garner less investor interest than for its recent deals
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Senior official in Spanish treasury to switch jobs later this year
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Sovereign plans deal as eurozone periphery spreads widen on ECB comments
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Spain will come to market on Tuesday for its first ever green bond
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Spain published its green bond framework on Wednesday, with its highly anticipated debut bond in the format set to be issued after the summer.
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Metropolitano de Tenerife, the public transport company that operates the Tenerife tram system, made its bond market debut on Tuesday, raising €130m with a 15 year green bond.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of busiess on Monday, June 28. The source for secondary trading levels is ICE Data Services
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Spain raised €8bn this week with its fourth syndication of the year, demonstrating that in spite of the Next Generation EU’s €20bn debut last week, the euro market still has plenty of depth. Concerns about hedge funds placing enormous orders are starting to recede, said bankers on the deal.
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Spain and Portugal are reducing the sizes of their funding programmes for this year, the countries’ respective heads of debt management operations said during appearances on a panel at the Global Borrowers and Bond Investors Forum 2021 on Tuesday.
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Spain hit the market on Tuesday morning with a 10 year benchmark, impressing onlooking bankers and benefitting from a stable backdrop. KfW followed up with a tap.
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Spain was the only public sector borrower to announce a euro new issue on Monday as it mandated banks for a 10 year syndication.
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Spain’s Instituto de Crédito Oficial hit the market for its third green bond on Monday, giving its newly updated framework for the product its first airing.
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Antonio Cordero Gomez, chief financial officer of Instituto de Crédito Oficial, spoke to GlobalCapital about the need for continued innovation in the world of ESG labelled bonds, and about Ico’s role in fighting the economic consequences of coronavirus.
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The Instituto de Crédito Oficial, Spain’s promotional bank, is holding a series of investor meetings to promote a new green bond.
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Austria took centre stage in the euro sovereign bond market this week with the sale of its first ever four year benchmark alongside a new 50 year deal to complete its curve.
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Italy and Portugal are the first two eurozone sovereigns out of the blocks for syndications following the Easter break, with the former looking to extend its curve by a further five years.
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The Autonomous Community of Andalucia has selected banks to arrange a series of meetings with investors to promote its new sustainable finance framework and provide a credit update.