BBVA

While European Central Bank president Mario Draghi kept firmly to his course of accommodative monetary policy at Thursday’s press conference, the euro strengthened further against the dollar, dragging Bund yields up with it. Lewis McLellan reports.

Spain’s 10 year benchmark weighed in at €10bn on Tuesday — its largest deal in four years — and drew an astonishing book of over €43bn.

Metrovacesa, the Spanish property developer, has opened the books for its IPO on the Spanish stock exchanges with a price range that values it at up to €2.95bn.

Spain, fresh from an upgrade to its Fitch credit rating, hit screens on Monday to announce a new 10 year euro benchmark. The sovereign will share the market with Agence Française de Développement (AFD).

After Latin America made a record start to 2018, bankers expect primary supply to keep flowing at a strong pace —despite investors already fretting about the tight pricing on new deals.

Metrovacesa, the Spanish property developer that collapsed during the financial crisis, hopes to become a listed company again, having filed an intention to float document on Tuesday.

While the high yield bond pipeline has yet to reveal its first roadshow of 2018, two leveraged loan borrowers announced new deals on Friday. They are trailer supplier Dexko Global and Planasa, the Spanish berry producer.

Mexico returned to its habitual role of opening the Latin American bond markets for the year on Wednesday with a $2.6bn trade including a tap of its 2048s to make the most of an exceptionally flat curve.

Ford Motor Credit Co, the financial services arm of US motor company Ford announced a dual tranche corporate bond deal on Monday comprising two floating rate notes.

French toll road operator Holding d’Infrastructures de Transport paid a hefty premium last Friday as it sold a dual tranche bond to help refinance its March 2018 note. The Baa3 rated subsidiary of Spanish infrastructure company Abertis suffered from the uncertainty surrounding a takeover of its parent company.

Juan Isusi, head of debt capital markets Europe at BBVA, has left the bank.

Four new investment grade corporate bond issues in euros and one in sterling ensured European investors were much busier on Tuesday than they had been on Monday.