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Spanish telecommunications infrastructure company Cellnex has finished its €4bn rights issue to fund further M&A opportunities, with an extremely high oversubscription.

S&P has warned there is no smooth way for banks and insurers to direct proceeds from debt capital instruments towards specific green financing objectives. It recommended that these issuers instead focus on making broad commitments through their green subordinated bonds.

A glut of syndicated loans has been signed among European high grade borrowers that are for general corporate and refinancing purposes — a sign, said loans bankers, that the market is returning to business as usual for the rest of the year, marking what will at least be a change from the frantic emergency capital raising which began in spring.

Volotea, the Spanish budget airline, has signed a €150m syndicated loan backed by the state, as the Covid-19 battered aviation industry struggles to get going again after a series of devastating blows.

Iberdrola and Copenhagen Infrastructure Partners signed separate loans to develop renewable energy projects in Spain, as analysts say renewable energies are now cheaper for consumers than their fossil fuel counterparts in major markets.

De Volksbank said that ambitious sustainability targets played a big role in helping it to attract investor attention this week. The Dutch lender became the first European bank to sell a tier two bond in green format, hot on the heels of the first green additional tier one transaction.

Market participants said that de Volksbank was close to sailing through fair value with the pricing on its new tier two on Wednesday, the first such deal in green format from a European bank.

Electricity Supply Board, the Irish utility, tapped its June 2030s on Wednesday, with the borrower one of a handful of credits taking advantage of sharply positive sentiment on the back of a potential coronavirus vaccine breakthrough.

Copenhagen Infrastructure Partners, the Danish renewable energy investor, has signed a €380m green loan to finance a wind farm in Spain, as analysts say renewable energies are now cheaper for consumers than their fossil fuel counterparts in major markets.

De Volksbank is set to become the first European bank to issue tier two capital in a green bond format.

Market participants expect that bank debt issuance activity will slow down in anticipation of earnings season over the next few weeks. But deal arrangers suggest banks will still be keen to access the primary market during this period, should conditions remain favourable.

Each week, Keeping Tabs brings you the very best of what we have found most useful, interesting and informative from around the web. This week: liquidity in the age of central banks, making bank capital green, and US fiscal stimulus.