BBVA
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The Autonomus Community of Andalusia received plenty of demand for its first syndication in over seven years on Wednesday, allowing the issuer to increase the size of its deal and tighten pricing. -
The Autonomous Community of Andalusia has mandated banks for what Dealogic data shows is its first syndication since May 2011.
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Fondo de Amortización del Déficit Eléctrico braved volatility in the eurozone periphery bond market on Wednesday for its second benchmark of the year.
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Spain’s Soltec has signed a €100m loan from local banks, as the photovoltaic tracking equipment company furthers its global expansion.
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Three more credit default swap contracts are referencing non-preferred senior bonds following the latest roll of the iTraxx indices, as bank debt investors try to deal with a gradual transition towards a bail-in regime in Europe.
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Spain’s largest department store group, El Corte Inglés, picked a busy week to roadshow its first rated issue. But its bonds will be listed in Dublin, despite efforts from the Spanish financial regulator to force a domestic bond listing in Madrid.
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Additional tier one bonds looked to be back in fashion this week when BBVA found success for its fifth euro deal ahead of a busy redemption calendar, and HSBC came to the end of its huge 2018 funding run in the format by entering its home market for the first time.
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The Spanish market securities regulator overhauled some of its listing procedures at the end of 2017 in an effort to make the country a more attractive place for debt issuance. Its actions are already starting to bear fruit, as Spanish banks and companies show a much greater appetite for registering their bonds on home turf.
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BBVA was offering a healthy new issue premium to get the ball rolling on its latest sale of additional tier one capital, but the Spanish issuer was able to swing pricing tighter after investors shrugged off its Turkish exposures and flocked into the order book.
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After a drought of new investment grade corporate bonds from the telecom sector, French operator Orange made it two in two days after Telefónica sold a seven year trade on Tuesday. Orange offered a 12 year tranche as well as another seven year offering, but had to leave something on the table to achieve a €2bn print.
