La Caixa

On Friday, American data centre owner Digital Realty sold the first green corporate bond in euros of 2019, but investors did not have long to wait for the second one as Italian energy company Enel also chose to issue in the format.

Banks broke in the new year with an outpouring of primary market sales this week. But an improved backdrop in the euro market has yet to convince anyone that their fears about 2019 might have been misplaced, with bankers warning that conditions could soon take a turn for the worse, writes Tyler Davies.

CaixaBank was testing the strength of appetite for riskier debt instruments in the euro market on Thursday, bringing the lowest rated deal from bank so far this year.

Spanish banks were among the best performers in the debt and equity markets on Wednesday, after the country’s Supreme Court surprised market participants by reversing a ruling that would have meant that lenders were liable to pay stamp duty on mortgage loans.

CaixaBank and Commerzbank proved popular in the euro market this week, after timing their latest non-preferred senior debt sales to perfection.

CaixaBank proved popular this week on its return to the non-preferred senior bond market, raising €1bn and welcoming more than two times as many orders.

One of Europe’s major electricity producers, Portugal’s EDP, sold its first green bond on Tuesday, aligning its fundraising with the company’s green principles. Meanwhile, Dutch airport owner and operator Royal Schiphol Group announced plans for its debut green bond. Both followed French vehicle leasing company ALD’s inaugural green bond.

One of Europe’s major electricity producers, Portugal’s EDP sold its first green bond on Tuesday, aligning its fundraising with the company’s green principles.

Abengoa, the Spanish renewable energy group, is seeking to convince its investors to engage in yet another rescue plan, which includes debt swaps with no cash coupons and new convertible bonds.

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.

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.

Spain’s Masmovil has completed a second round of refinancing on its bank loans, shaving a further 100bp off the cost of its total debt pile and ramping up the size to €831m.