Spain
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◆ Deal prices near fair value ◆ Minimal attrition in order book ◆ Asset managers assessing AT1s versus senior paper and equity -
◆ BPCE attracts €5.3bn, Navarra €3.5bn ◆ Small concessions to fair value and govvies ◆ Longer dated Spanish deal lands inside higher rated French name
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Auto and real estate companies attract chunky demand for syndications
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Sustainability-linked revolver refinanced two years early
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Investors on the hunt for spread and yield, as market adjusts to lower interest rates
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€19bn of Cédulas will mature next year — but not all will be refinanced
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Hybrid deals remain challenging sale for issuers
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Toll road company tightens 50bp and sees ample demand
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Cox ABG has cut its all-primary IPO by 13% on its last day of bookbuilding, as it calls on "friends and family" for help
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Delistings in the renewables sector and a ‘debt-driven’ company are on market participant’s minds
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Spain is 88% funded for 2024 with regular auctions left; expects next year’s programme to be similar
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◆ 'Stable' book grows after spread set ◆ Lack of recent Spanish supply helps pricing ◆ Illiquid secondaries create wide range of fair values
