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The Basque Government has picked banks to issue what will be its biggest bond in the public markets for 10 years.

No sooner had the dust settled on the first global nuevo sol bond sale from a non-financial corporate in 14 years than a second Peruvian company announced its plans to do the same, leaving DCM bankers curious to discover the depth of the local currency market.

The Autonomous Community of Madrid has participated in a ‘proof of concept’ Schuldschein transaction on blockchain with BBVA. The loan is also sustainability-linked.

Spain’s Acciona has signed a €675m environmental, social and governance-linked loan. Lenders piled into the infrastructure and renewable energy group's deal after launch, enabling the size to grow by 35%.

International investors bought around half of Telefónica del Perú’s sol bond on Wednesday, as an attractive spread over the sovereign curve helped the telecoms company attract impressive size in a rare Latin American global local currency deal.

Singapore agricultural commodity company Olam International and its wholly owned subsidiary Olam Treasury have raised the firm's first loan where its funding costs are linked to the digitisation of the company.

RCI Banque followed Volkswagen Financial Services’ triple tranche bond issue on Monday with its own two-part issue on Wednesday. Both car finance banks, as very regular issuers, are unlikely to command the absolute tightest pricing relative to their secondary curves, but demand has also cooled somewhat this week, compared with the avid tone of recent weeks. Nevertheless, pricing tightened a long way.

Rating: Baa2/BBB+/BBB-

A surge of additional tier one issuance this week shone a light on how activity in the market is going to shape up in the coming months and years — refinancing is now the main game in town.

Despite a slight softness in the European corporate bond market at the end of Tuesday, Wednesday brought another strong deal. CNH Industrial, the agricultural machinery and lorries group backed by the Agnelli family, issued an eight year bond that was increased to €600m.

Market participants expect that bank capital valuations will rally much further in 2019, with investors reverting to a hunt for yield amid the prospect of interest rates being lower for longer.

Bankers away from Andalusia’s 10 year euro benchmark are heaping praise on the trade, which was priced on Tuesday.