BBVA

The Spanish Treasury is studying the possibility of issuing green bonds — a shift from its previous position on the format — after the country’s government last week outlined a series of measures to decarbonise the economy by 2050. Spain is also adjusting its inflation-linked bond issuance strategy this year. If the sovereign does decide to issue green bonds, it is likely to find strong demand, with one of its own debt issues as well as a returning Spanish region this week being heavily oversubscribed.

Galicia on Thursday made a triumphant return to the bond markets on Thursday as it became the latest Spanish autonomous community to print after several years away.

Galicia is set to become the latest Spanish autonomous community to return to the bond markets after many years of absence, after it mandated banks on Wednesday to sell a new issue. It could also come to the market for a second time later in the year.

Rating: A3/A-/A-

FIG bond market participants were speaking in superlatives as new bonds flew off the shelves this week. But some DCM officials are advising their clients not to count on conditions remaining evergreen through the rest of 2019, encouraging them to put long-held deal plans into action.

BBVA and Rabobank were both selling non-preferred senior bonds in euros on Wednesday, with investors showing a real thirst for new supply after a quiet start to the year.

Investors backed the return of the Balearic Islands to the bond markets on Tuesday with the Spanish region selling its biggest ever single tranche bond. It was able to attract huge demand despite the threat of a snap general election in Spain — a prospect that looked increasingly likely as the week neared its end.

The US corporate new issuance calendar took a breather on Thursday after clocking up its busiest week of the year with $30bn of supply in just three days. Borrowers remained on the sidelines as investors digested the supply onslaught that brought bulging order books and tight pricing.

BBVA did not have to offer any premium to investors to bring in a new tier two bond on Thursday, according to lead managers, as asset managers show renewed thirst for debt from southern European financial institutions.

Rating: —/BBB+

Portuguese paper company The Navigator has become its country’s first company to set up a sustainable commercial paper programme. The €65m operation was announced by its agent bank and bookrunner BBVA.

Investors backed the return of the Balearic Islands to the bond markets on Tuesday with the Spanish region selling its biggest ever single tranche bond. It was able to attract huge demand despite increasing tensions surrounding Catalonian independence, which could lead to early elections in Spain.