Spanish Sovereign

Italian power utility firm Enel is set to sell part of its stake in Spanish peer Endesa for up to about €3.4bn, through an underwritten secondary public placement.

Santander has built on a strong showing in the European Central Bank’s comprehensive assessment with an impressive set of third quarter results, which included a big rise in earnings for its UK unit and investment bank.

The European Central Bank’s covered bond purchase programme entered a new phase this week as eurozone issuance enabled it to buy the primary market, rather than relying on secondary where supply is drying up. Its buying is good news for peripheral banks but may cause investors to desert the core.

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.