BBVA
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BBVA said it had appointed Onur Genç to take over as chief executive of the group, once Carlos Torres Vila, the present CEO, becomes executive chairman. -
French toll road operator APRR had been quiet in 2018 by its own standards, but it sold its first corporate bond deal of the year on Wednesday with a €500m long 11 year trade. It paid a low new issue premium for the deal, but lost a number of orders along the way.
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Spain’s Red Electrica Corporation has signed the first ever syndicated loan on a blockchain, though some loans officials away from the deal question how useful the technology will be in its goal of reducing transaction times.
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Volkswagen printed the biggest trade in its history as high-grade corporate borrowers blitzed the dollar market in response to the results of the US mid-term elections.
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Utility company Snam has converted an existing €3.2bn revolving credit facility into a sustainable deal, joining the growing chorus of southern European firms switching their bank lines for environmental, social and governance-friendly financing alternatives.
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Spanish banks were among the best performers in the debt and equity markets on Wednesday, after the country’s Supreme Court surprised market participants by reversing a ruling that would have meant that lenders were liable to pay stamp duty on mortgage loans.
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There is increasing confidence among market participants that the European Central Bank will renew its policy of providing banks with cheap financing, given the arrival of tougher issuance conditions and more stringent liquidity requirements.
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With the spat between Italian government and the Europe Commission over the former's budget rocking bond markets, windows of opportunity for new deals have been few and far between. But A-/A3/A- rated German utility company EnBW and AA-/Aa3/AA- rated Procter & Gamble raised bonds on Wednesday, as a flight to safety gave the transactions the required lift.
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Distribuidora Internacional de Alimentación, a recently downgraded Spanish discount food retailer that issued a profits warning last week, saw its outstanding bonds fall further in the secondary market despite providing a glimmer of good news.
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Arima Real Estate, a newly created Spanish real estate investment trust, has managed to get its IPO over the line, but with a much smaller deal size than originally intended.
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The Autonomous Community of Andalusia this week became the first Spanish region to return to the capital markets while still under the central government’s Regional Liquidity Fund.
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