BBVA
-
European banks jumped into the US dollar market this week, with some issuers clocking up huge savings in the currency versus what their home markets could offer. -
Bagshaw heads to HSBC, Deutsche replaces him — Citi's Kemp retires — Karolev moves to JP Morgan
-
Energie Baden-Württemberg, the German electricity company, has signed a new €1.5bn sustainability-linked revolving credit facility, marking the end of a busy week for the company in raising environmentally conscious debt.
-
Royal Bank of Scotland and ING were set on Wednesday to add to a recent run of dollar bond issuance from European banks, with some issuers having clocked up huge savings in the currency versus what their home markets can offer.
-
Agence Française de Développement printed a €1bn tap on Tuesday, while Fondo de Amortisacion del Deficit Electrico (FADE) landed €1.2bn at five years.
-
BBVA is the latest large European bank to have suffered a ratings downgrade during the Covid-19 pandemic, with Fitch having moved the issuer’s debt ratings down by a notch blaming a weaker operating environment in Mexico and Spain.
-
Gabriela Martínez de Aragón has joined CaixaBank as country manager for the UK.
-
China Huadian Corp priced a $500m bond on Monday, riding on the improvement in market sentiment to reopen the perpetual market for state-owned enterprises.
-
BBVA is expected to take advantage of recent changes to Pillar 2 requirements with a greater proportion of senior preferred issuance but it has a modest need for subordinated issuance. The Spanish national champion also plans to make use of its Targeted Longer-Term Refinancing Operation (TLTRO) allotment from the ECB, which has been substantially increased.
-
Transition bonds were the hot idea of 2019 in green finance circles, appearing to offer a way to expand themed bonds to a much wider range of issuers. But the product has struggled to gain momentum. This week’s deal from Snam, the Italian gas grid company, confirmed that it has an audience, among both issuers and investors.
-
-
Market participants expect European banks to take a large chunk of funding through the European Central Bank’s Targeted Longer-Term Refinancing Operations (TLTRO III) programme, hitting covered bond supply levels. But issuance in other asset classes should remain unaffected as banks follow through with their funding plans.
