La Caixa
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Four covered bonds issuers raised almost €6bn between them at the long end of the curve this week, suggesting borrowers are prioritising tougher, longer duration deals. And while conditions permit some are issuing in the largest size possible.
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With yields set to rise and spreads likely to widen, covered bond issuers should waste no time in getting ahead on 2017’s funding plans and doing the more difficult trades first.
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Four covered bond issuers returned to the market on Tuesday with the first deals of 2017. Two €1.5bn 10 year transactions showed that borrowers are prioritising the tougher, longer duration deals and, while conditions permit, issuing in large size. -
CriteriaCaixa Holding, the unlisted holding company, sold another slice of CaixaBank in a €315m block trade on Tuesday night that took it a step closer to its long term goal of holding just 40% of the Barcelona-based lender.
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Spain’s construction sector has been a sore point in the high yield market this year, with three of its big hitters either in distress, debt restructuring or increasingly surrounded by accounting disputes and corruption. Investor adviser CreditSights this week said major shareholder families behind those companies bear some responsibility.
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Shareholders of Abengoa on Tuesday endorsed a landmark debt restructuring for the renewable energy company — and averted the largest corporate bankruptcy in Spain’s modern history.
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CaixaBank, the Barcelona-based retail bank, has launched a €1.3bn accelerated bookbuild this evening to sell a 9.9% stake in itself, as part of its move to take over Banco BPI of Portugal. The deal is one of four block trades in the European market this evening.
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Glencore, the Anglo-Swiss commodity trading and mining company, returned to the euro corporate bond market on Tuesday for its first issue since its secondary spreads widened dramatically almost a year ago.
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Terna, the Italian electricity grid company, has signed a €500m five year revolving credit facility, a year after repaying a previous club deal.
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Spanish renewable energy and engineering company Elecnor kept the margin unchanged as it refinanced €600m of loans.
