Spanish Sovereign

An investor spotted the opportunity to get more for its money from Santander ahead of the European Central Bank’s Asset Quality Review last week, driving up the coupon on a privately placed MTN. The note has since attracted interest from investors away from the deal and been increased three times, making it the largest privately placed MTN from the issuer this year.

Abertis Infraestructuras, the Spanish infrastructure conglomerate, is set to float its telecom towers business to concentrate on core businesses, as part of a strategic plan.

An investor spotted the opportunity to get more for its money from Santander ahead of the European Central Bank’s Asset Quality Review last week, driving up the coupon on a privately placed MTN. The note has since attracted interest from investors away from the deal and been increased three times.

An investor spotted the opportunity to get more for its money from Santander ahead of the European Central Bank’s Asset Quality Review last week, driving up the coupon on a privately placed MTN.

The Spanish covered bond law could be set for profound change that will bring it into line with the best in show schemes. However, as the claim of existing holders would be considerably diminished, a huge liability management exercise is justified.

Spain’s new covered bond law, if passed, will mean a vast improvement in the quality of the country’s covered bond collateral – but could come at the expense of holders of the old bonds, who will find their deals backed by a dwindling pool of poor quality loans, unless they exchange into new deals.

Spain’s capital market boom is being undermined by the return of local lenders, but international banks are well placed to capture a bulging M&A pipeline, writes David Rothnie.

Spanish infrastructure and environmental services firm FCC is to ask shareholders for permission to raise sell shares to repay part of a €4.5bn refinancing agreed earlier in the year.

Telefónica attracted more than €3.3bn of demand for its longest dated senior euro deal in more than a decade on Tuesday.

State owned Spanish high speed rail operator Adif Alta Velocidad is seeking a new syndicated loan to replace bilateral loans agreed during the euro crisis. The company is also planning to issue a bond before the end of the year.

Telefónica attracted more than €3.3bn of demand for its longest dated senior euro deal in more than a decade on Tuesday.

German airline Lufthansa sold its stake in Spanish holiday IT firm Amadeus through a block on Tuesday night, the second trade in the firm in recent weeks.