Spain

Citi has named the leadership for its banking, capital markets and advisory business in Iberia. Meanwhile, it has also announced who is taking on Abraham Douek's responsibilities in DCM after he quit to join Santander.

Eight years after publishing its first consultation paper the Spanish Treasury has set out its hotly anticipated draft covered bond law which market participants greeted enthusiastically, largely because it comprehensively addresses all the main features of the EU’s Covered Bond Directive. However, it contained a number of surprising and potentially contentious proposals.

Acciona Energia, the Spanish renewable energy company, is due to price its IPO at €26.73 a share, the bottom of the initial range, having closed order books on Tuesday afternoon, according to sources close to the transaction.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of busiess on Monday, June 28. The source for secondary trading levels is ICE Data Services

Aldesa Group, a Spanish construction and engineering firm acquired by state-owned China Railway Construction Corp last year, is tapping the Asian loan market for a €150m deal.

Rating: Baa1/A/A-

Spain raised €8bn this week with its fourth syndication of the year, demonstrating that in spite of the Next Generation EU’s €20bn debut last week, the euro market still has plenty of depth. Concerns about hedge funds placing enormous orders are starting to recede, said bankers on the deal.

Spain and Portugal are reducing the sizes of their funding programmes for this year, the countries’ respective heads of debt management operations said during appearances on a panel at the Global Borrowers and Bond Investors Forum 2021 on Tuesday.

This week, Spanish refrigerated trucking company Primafrio and Russian goldminer Nordgold postponed their respective IPOs, on the Spanish and London Stock Exchanges in hopes of better market conditions in the future. These delays are just the latest casualties of Europe’s turbulent IPO market.

Spain hit the market on Tuesday morning with a 10 year benchmark, impressing onlooking bankers and benefitting from a stable backdrop. KfW followed up with a tap.

Spain was the only public sector borrower to announce a euro new issue on Monday as it mandated banks for a 10 year syndication.

Banks have set a price range on the listing of Acciona Energia, the Spanish renewable energy company, valuing it at between €8.8bn and €9.8bn. The banks already have some indications of interest within the valuation range and the transaction is coming at a big discount to its main listed peer, but some ECM investors say they are likely to sit the deal out because they believe it to be too expensive at a time the IPO market is challenged.