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.
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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 business on Tuesday, March 23. The source for secondary trading levels is ICE Data Services.
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Greece and the Flemish Community are preparing to sell syndicated bonds at the long end of the euro curve following a strong reception for France with the sale of its second green OAT on Tuesday.
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Agence France Trésor (AFT), the French sovereign debt office, mandated banks on Monday to lead the sale of the sovereign’s second green OAT, returning to the market for the first time since its debut in 2017.
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Pablo de Ramón-Laca is director general of the treasury and financial policy at Spain's Ministry of Economic Affairs and Digital Transformation. That places him in charge of the world's ninth largest sovereign debt stock, according to S&P data, for a country pummelled by the Covid-19 pandemic. Spain has the second highest number of cases in the EU and the seventh highest in the world. But even that is not the full story of the pandemic's impact.
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Spain’s new 50 year euro benchmark, which was priced last week, has performed well in the secondary market with the spread narrowing by 3bp, according to levels provided by ICE Data Services.
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Unlike its last syndication in January, when Spain lost over €75bn of orders after an aggressive move in pricing, the sovereign took a more cautious approach on its return to the public market this week to print its biggest ever 50 year bond.
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After taking an aggressive approach for its last syndication in January which resulted in a shocking loss of over €75bn of orders, Spain returned to a more moderate and conventional pricing process as it came to the market for a new 50 year bond on Tuesday.
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Spain will lead the public sector borrowers' charge into the primary bond market this week with its second ever 50 year benchmark syndicated deal ahead of the Chinese New Year holiday.
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Few deals have ever had €75bn of orders. Spain managed to lose that much, but still have €55bn remaining in the book. This is the world the ECB’s purchase programmes have built.
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A book of more than €55bn for a €10bn bond priced with a new issue premium of 1bp would be a gratifying outcome for any sovereign issuer. But Wednesday's syndication for Spain instead attracted robust criticism over price moves during bookbuilding which derailed what was on course to be the biggest order book in bond market history.