La Caixa

Despite expectations of a slowdown in the pace of issuance in the European high yield market, two borrowers brought €2.9bn of new bonds this week. Both issuers, Spanish construction firm Aldesa and Italian banking payments group Nexi, marketed refinancing deals.

Adecco, the Swiss temporary staffing company, has become the latest blue chip to use a sustainability-linked loan structure for its main corporate revolving credit facility.

Spanish utility Iberdrola had significant success with its debut green hybrid bond in November when it received €3.2bn of orders. However, its second such bond failed to tighten from initial price thoughts when it was issued this week.

Two new SRI corporate bonds were priced on Monday, but with very different results. Iberdrola’s green hybrid bond failed to tighten from initial price thoughts, while Danone’s debut social bond had to pay just 2bp of premium.

Private equity firm CVC and local investor Alba are funding their €3.8bn acquisition of 201m shares in Gas Natural, the energy group, with a €1.9bn loan, which is set to become one of the largest Spanish financial deals of the year.

Expectations for a busy week in the investment grade corporate market were maintained despite only Telefonica taking advantage of good primary conditions on Monday, as it sold a benchmark nine year bond in euros.

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.

Italian corporate issuers have dominated bond issuance in recent weeks but Wednesday brought a pair from Iberia, as two energy suppliers took advantage of the market's hot conditions.

The ministry for the economy of Catalonia, the rebellious region seeking independence from Spain, is working on a white paper on what role the potential new state will play in international markets. The document reveals an aspiration to become a hub for co-operative and ethical bank issuance.

On Wednesday, Spanish electricity utility Iberdrola became the third corporate issuer in a week to print a green bond in euros. The €750m 10 year deal took the total corporate green bonds issued since the summer break to €1.95bn.

On Wednesday, Spanish electricity utility Iberdrola became the third corporate issuer in a week to print a green bond in euros. The €750m 10 year deal took the total corporate green bonds issued since the summer break to €1.95bn.

Basque telecoms firm Euskaltel gained access to a third market in northern Spain after the acquisition of Telecable from Zegona Communications, which it is funding with loans and equity.