Spain
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European banks began to access the dollar market this week following first quarter earnings, while JP Morgan stole the show on Wednesday with a record low coupon for a preferred note. -
Deutsche Bank scored a blowout book with its first euro additional tier one since 2014 this week, as investors rewarded the issuer for progress on its turnaround plan. Banco Santander then gave the asset class another shake, with a deal split across euros and dollars.
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Banco Santander was targeting two currencies for additional tier one debt on Thursday, following closely behind a blowout euro deal for Deutsche Bank.
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Ecoener, the Spanish renewable energy company, reduced its IPO on the Spanish stock exchange to €100m on Wednesday, as it became the latest deal to face difficulty in the European IPO market.
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Equity investors continued to show strong demand for follow-on primary deals this week with high take-ups in capital raises for Spain’s Cellnex and UK food and beverage outlet operator SSP.
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Austria took centre stage in the euro sovereign bond market this week with the sale of its first ever four year benchmark alongside a new 50 year deal to complete its curve.
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Santander has lost a covered bond trader to Barclays, which itself is in the market for a covered bond analyst after losing two recently.
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European banks face tough conceptual and regulatory barriers as they enter the market for sustainability-linked debt. But DCM bankers hope that they can find a simpler solution for issuers by focusing on covered bonds, write Tyler Davies and Bill Thornhill.
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A group of BNP Paribas bankers in Spain have jumped ship to join boutique firm Beka Finance, according to market sources. One person familiar with the situation said that the French bank will refill these roles in due course.
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Renewable energy IPOs are being launched thick and fast in Spain despite the recent selloff of green energy stocks.
