La Caixa
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Bankia paid a very slim new issue premium for its debut additional tier one deal on Thursday, as investors showed they were willing to support two tightly priced trades from riskier Spanish banks in two days. -
Banco Santander has launched its €7.07bn fully underwritten rights issue to support its acquisition of the failed Banco Popular Español, saying it expects to make a return on investment on the deal of 13% to 14% by 2020.
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Banco de Crédito Social Cooperativo was warmly welcomed on its return to the tier two market on Wednesday, as Spanish banks capitalise on strong conditions by plugging the market with subordinated debt.
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Spanish banks have taken just over four months to shoot past the supply totals they managed in the whole of last year, after yet another impressive deal was priced this week. With the creation of a new senior asset class potentially just around the corner in Spain, 2017 could turn out to be a bumper year for the nation’s financial institutions.
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Criteria Caixa was well received on its return to the euro senior unsecured bond market on Wednesday, as Spanish financial institutions capitalise on investors’ confidence in the country’s economic recovery.
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Spain’s Criteria Caixa picked banks to arrange the sale of new senior unsecured bond on Tuesday, having discussed a new debt offering with investors at the end of last year.
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Spanish car parts supplier Grupo Antolin found strong demand for its refinancing deal on Thursday in a high yield market where new bond sale volumes have dropped to less than a third of March’s €3bn average.
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Just two working days after shares in “New Abengoa” began trading, the Spanish engineering and construction sector was hit on Monday by another credit risk crisis — Isolux Corsán has until July to find €400m to avoid insolvency.
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CaixaBank comfortably raised €1bn of new tier two capital on Tuesday, despite signs that executing trades could start to grow trickier in February.
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