BBVA
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BBVA said on Monday that it had reached an agreement to sell its US subsidiary to PNC Financial Services. The Spanish bank’s bonds rallied sharply on the news of the deal, which will increase its main capital ratios by as much as 300bp. -
Société de Financement Local (SFIL) was over 5-1/2 times covered as it brought its long-awaited debut green bond to the market on Friday, allowing it to price well inside fair value.
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Inmobiliaria Colonial, the Spanish office real estate company, has signed a €1bn sustainability-linked loan, wrapping up a €2bn fundraising spree from the group.
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Adidas, the German sportswear company, has signed a €1.5bn loan to replace an emergency facility from KfW signed during the worst of the coronavirus pandemic. It has raised €3bn of debt since taking the crisis loan.
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NH Hotel Group, the Spanish hotel chain, has extended its revolving credit facility, but three lenders have pulled out of the deal, which has been reduced in size by €14m to €236m.
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Swiss duty free operator Dufry has finished its Sfr820m at-market rights issue, which has enabled Advent International and Chinese e-commerce firm to take large strategic stakes in the company.
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High grade corporate bond investors had their pick of crossover deals this week, with Inwit, Veolia and Cellnex offering trades on the periphery of junk ratings, with demand solid as risk appetite remains strong.
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Veolia, the French water and waste company, and Spanish telecoms infrastructure firm Cellnex were out with crossover rated debt on Wednesday, giving investment grade corporate investors a double chance to pick up spreads at the higher end of their remit.
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BNP Paribas made use of a conducive backdrop this week to build a strong orderbook for a new green non-preferred senior deal.
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National Bank of Greece (NBG) has become the lowest rated bank to issue green debt, after winning two times as much demand as it needed for a €500m senior bond on Thursday. The trade formed part of a flurry of green issuance in the FIG market, alongside new deals from Banque Fédérative du Crédit Mutuel and Mizuho Financial Group.
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BBVA’s Mexican subsidiary, Bancomer, on Tuesday provided one of the clearest examples yet of the attractiveness of international bond markets for Latin American borrowers as it notched the lowest ever coupon on a dollar deal from a bank from the region.
