BBVA

Telxius, the telecoms infrastructure division of Telefonica, has signed a €190m with the 10 banks which are arrangin its IPO, for which books opened yesterday.

Several European IPOs are progressing through bookbuilding this week, as issuers take advantage of a window of calm before the uncertainty of the US election in just over seven weeks time.

Books opened on Tuesday afternoon for the IPO of Telxius, the telecoms infrastructure division of Telefonica — an unusual company that combines telecoms towers with submarine fibre optic cables.

The Autonomous Community of Madrid has announced that it will sell its third benchmark of 2016.

Peru's finance minister, Alfredo Thorne, will be among the representatives as the country carries out a week-long roadshow starting on Monday ahead of a planned sol-denominated bond issue.

A jumbo bond intended to refinance the debt of merged companies Quintiles and IMS on Wednesday added to a deluge of high yield issuance, with the market seeing €4bn of new bonds by Thursday.

US metal packaging manufacturer Crown Holdings on Thursday priced a dual currency note that will refinance its loans.

Mexican government-owned development bank Nacional Financiera (Nafin) will announce a green bond in Mexican pesos at the end of the month, which will aim to raise up to Mp2bn ($109m) to finance renewable energy projects.

Latin America’s most frequent sovereign borrower scored two record yields on Monday as technical factors continue to govern investors' behaviour.

BBVA has set up the first Cédulas de Internacionalización (CI) programme, a new type of covered bond asset class that is secured purely against export finance loans.

Auto-parts business Adient on Thursday started pricing a $2bn cross-border bond, attracting high demand for a deal that could be the last high yield offering before the European market breaks for the summer.

Four years after Spain approved a new legal framework to support funding of export finance loans, BBVA has set up the first covered bond programme to be backed by the loans, which Moody’s rated on Wednesday. And with Spain set to update its Cédulas Hipotecarias law, others may be obliged to follow.