BBVA

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.

BBVA’s third additional tier one transaction is likely to demonstrate the increasing importance of "future supply overhang" for the product’s performance, said TwentyFour Asset Management on Monday.

BBVA launched the first euro denominated AT1 transaction since February’s sell-off this week, pricing the bond through its outstanding notes’ yield to call and fuelling hopes the primary market is fully open once more.

The European high yield bond market burst into life this week with the largest single tranche deal of the year and — more significantly, said some bankers — the first euro deal from a US issuer.

Rating: Baa1/BBB+/A-

Guarantor: Kingdom of Spain

BBVA has launched the first euro denominated AT1 bond since February’s sell-off, pricing the bond through its outstanding notes' yield to call, and fueling hopes the primary market is fully open once more.

Telefónica hit the European bond market on Wednesday for a €2.75bn dual tranche deal that drew hefty demand, but later widened in secondary.

Instituto de Crédito Oficial printed a no-grow €500m September 2018 social bond on Tuesday, with bankers noting that the bond’s high yields might have been just as appealing as its high morals.

Parque Reunidos, the leisure parks operator, on Monday announced what it hopes will be the largest Spanish IPO for over a year, in a bid to reduce debt and begin to make an exit for private equity owner Arle Capital.

Car parts distributor LKQ is set to become the first US company this year to issue a high yield bond in euros — and more US names may be on their way, bankers say.