Spain

The Spanish Treasury has announced its funding outlook for the year, including a commitment to launch a green bond programme.

A senior equity capital markets banker has left Barclays after more than a decade at the UK bank.

Covered bond issuance from Europe’s peripheral regions is likely to be anaemic in 2021, as issuers will continue to rely heavily on far cheaper central bank funding. Covered bond spreads are very tight, but the cost of senior unsecured bonds has come down faster, and deposits have grown.

The strong run of green equity capital markets deals in Europe continued on Thursday night with a €224m sale of stock in Spanish infrastructure and renewable energy company Acciona.

Banks bombarded the dollar market this week with a rich variety of trades in what promises to be a busy run-in to the end of the year with investors still in the hunt for primary deals.

Banco de Sabadell’s debt securities took a nose-dive in the secondary market on Friday morning, after the Spanish lender said that it had failed to agree on the terms of a merger with BBVA.

Spanish pharmaceutical bank specialist, Bancofar and its parent, Banco Caminos, which provides finance to civil engineers, have set up small covered bond programmes that have been assigned an Aa1 rating by Moody’s.

The European Central Bank has warned that some banks face a sharp spike in the cost of their bond funding, as the economic fallout from the coronavirus pandemic begins to translate into credit rating downgrades.

Audax Renovables, the Spanish renewable electricity producer, has become the latest European issuer to issue a green convertible bond, raising €125m.

A €200m share placing in Fluidra, the Spanish swimming pool equipment company, caught investors in a buoyant mood on Wednesday evening, with bookrunners having to enlarge the deal to satisfy demand.

BBVA said on Monday that it had reached an agreement to sell its US subsidiary to PNC Financial Services. The Spanish bank’s bonds rallied sharply on the news of the deal, which will increase its main capital ratios by as much as 300bp.

Permanent TSB has picked banks to arrange the sale of a new additional tier one (AT1) from its holding company, a deal that could be used to replace the Irish lender's outstanding opco bond.