Spain

Neoen, the French renewable energy company, said on Wednesday that it had received huge levels of demand for its €600m rights issue, proving that the right companies in the renewable energy sector can still attract a strong following among equity investors despite recent turbulence in green stocks.

Italy and Portugal are the first two eurozone sovereigns out of the blocks for syndications following the Easter break, with the former looking to extend its curve by a further five years.

Cellnex, the acquisitive Spanish telecoms tower company, launched a €7bn rights issue on Thursday to fund its takeover of French tower firm Hivory from Altice and KKR.

The Autonomous Community of Andalucia has selected banks to arrange a series of meetings with investors to promote its new sustainable finance framework and provide a credit update.

Dutch bank ING made a triumphant return to the dollar market this week, launching its first SEC-registered trade in almost two years as it added to Yankee bank supply.

Société Générale benefitted from calmer issuance conditions on Thursday as it sold €1bn of new tier two debt. The deal takes another chunk out of the issuer’s capital plans, which totalled a sizeable €4.5bn at the beginning of the year.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Tuesday, March 23. The source for secondary trading levels is ICE Data Services.

Greece and the Flemish Community are preparing to sell syndicated bonds at the long end of the euro curve following a strong reception for France with the sale of its second green OAT on Tuesday.

Agence France Trésor (AFT), the French sovereign debt office, mandated banks on Monday to lead the sale of the sovereign’s second green OAT, returning to the market for the first time since its debut in 2017.

A flurry of Swiss franc issuance dusted the market this week, as domestic and foreign borrowers entered a more settled market.

Bank issuers are increasingly interested in the idea of selling tier two bonds in green formats. But green additional tier ones are unlikely to bloom.

CaixaBank was well supported for the sale of a new €1bn tier two this week, becoming only the fourth European bank to issue a capital transaction in green format.