BBVA

The wave of rights issues and capital raisings in the market this summer is so far going smoothly, with good news this week for Banco Popular Español, as its shares and rights perked up in trading.

Undeterred by some investor wobbles around appetite for long dated maturity, Irish state electricity company Electricity Supply Board (ESB) came to market on Tuesday with a €500m 15 year bond.

The Autonomous Community of Castille and León sold on Wednesday its first bond in several years, eschewing the cheap funding available from its central government in favour of greater independence.

Spanish property developer Metrovacesa on Friday printed a €700m deal, winning a healthy order book that proved the European corporate bond market still has legs despite heavy supply.

Uncertainty regarding the outcome of the US Federal Open Market Committee’s (FOMC) meeting in June drove public sector borrowers to target the short end of the dollar curve this week, said bankers.

Spanish car parts maker Gestamp on Wednesday priced a €500m secured bond to redeem all of its old euro notes at first call.

The recent run of good news on IPOs was broken on Wednesday when Telepizza made a dire debut on Bolsa Madrid after its €550m flotation, priced on Tuesday.

Enagás, the Spanish gas transmission and network manager, tapped the European corporate bond market’s taste for 12 year risk on Tuesday with a €750m transaction that was over four times oversubscribed.

Spanish IT company Amadeus will complete its €500m revolving credit facility later this week with some changes to its bank group, according to a banker familiar with the deal.

Several of Europe’s IPOs moved forward today, with coverage and pricing updates and the launches of bookbuilds.

BBVA’s third additional tier one transaction, priced last week, is likely to demonstrate the increasing importance of “future supply overhang” for the product’s performance, according to TwentyFour Asset Management.

BMW issued a €1.5bn dual tranche bond on Monday, nine weeks after selling its first public bond of the year. The improvement in market conditions since then was clearly visible, according to a banker away from the deal, as the issuer racked up twice the order volume this time.