BBVA
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Spain was able to raise €5bn of 30 year paper on Tuesday, braving difficult market conditions to close the deal. While the trade was a success, the sharp fall in the order book at the final spread indicated some investors are beginning to push back on price. -
Spain has announced another trip to the ultra-long end, electing to come to market in spite of volatility sparked by increased fears around the spread of coronavirus.
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Madrid hit the market with a 10 year sustainable bond on Tuesday, raising €1.25bn at its tightest ever spread to the Spanish sovereign, selling into its largest ever book.
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Two public sector borrowers hit screens with new issues on Monday, with Belgium choosing a 20 year and Madrid opting for a 10 year sustainable bond.
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Atos has sold most of its remaining shares in Wordline, the French payments company, via an accelerated bookbuild.
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Investors embraced a rare offering of non-preferred senior notes from Bankinter this week, with the Spanish issuer making its debut in the green bond market.
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Telefonica, the Spanish telecommunications company, issued senior and hybrid bonds in euros on Monday. While it picked a horrendous day for markets for its offer, Telefonica still managed to pay small or negative price concessions relative to its secondary curve.
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FCA Bank launched a €750m two year bond on Tuesday that was increased to €850m and three times subscribed, as syndicate desks prepared for a lacklustre few weeks in the corporate primary market.
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While every eurozone country that sold a new syndicated bond this year has received strong demand, Spain outshone them all this week by taking the biggest ever order book in the bloc.
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Ibercaja Banco was said to have steered a new tier two bond through fair value on Thursday, when the Spanish lender also announced the results of a tender for some of its existing capital securities.
