BBVA

Enel, the Italian power and gas company, proved that demand still exists in euros for chunky hybrid debt with a €2.2bn dual tranche deal on Wednesday that saw more than three times oversubscription at peak demand and offered no new issue concession.

Banco de Sabadell was met with good demand for the first euro additional tier one benchmark of the year on Tuesday, as investors welcomed a rare opportunity to pick up subordinated bank debt in the primary market. Alpha Bank could add to the supply later this week after unveiling plans for a new tier two transaction.

Glencore, the Swiss commodity trading company, got a lukewarm response from the euro bond market on Tuesday, as investors prepared their cash piles for a flurry of deals from rare and high beta names.

Snam, the Italian gas pipeline company, and SKF, the Swedish ball bearing maker, kicked the week’s corporate bond new issuance off in Europe on Monday with deals that offered razor-thin spreads from the start.

Rating: Baa1/A/A-

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.

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.

Snam, the Italian gas pipeline company, and Swedish ball bearing maker SKF kicked the week’s corporate bond new issuance off in Europe on Monday, with deals that offered razor-thin spreads from the start.

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.

Telecoms firm Telefónica and utility Iberdrola showed the depth of demand for green hybrids this week, with both Spanish companies building large order books.

Telefónica, the Spanish telecommunications company, showed the depth of demand for green hybrids on Wednesday, with a seven times oversubscribed trade that came a day after a similarly successful deal from compatriot issuer Iberdrola.

Iberdrola, the Spanish utility, received booming demand for its green hybrid on Tuesday, as the combination of a higher yield and green debt helped books swell to €9.5bn.