Spain
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The UK government’s decision over the weekend to reintroduce a quarantine on travellers from Spain is set to make a rights issue far more difficult for International Consolidated Airlines Group (IAG), the airline holding company which owns British Airways, according to equity capital markets sources. -
EMEA’s equity capital markets were buzzing on Friday morning after Goldman Sachs placed a 13.2m block of shares in Cellnex, the Spanish telecoms tower company, which allowed the company’s largest shareholder to monetise rights that it intends not to exercise in the issuer's forthcoming €4bn rights issue.
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Cellnex, the Spanish telecommunications towers operator, has launched a €4bn underwritten rights issue to fund acquisitions.
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Atlantica Sustainable Infrastructure, the New York-listed Spanish infrastructure company focused on renewable energy assets, is the latest company to sell a green convertible bond.
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Market participants expect that bank debt issuance activity will slow down in anticipation of earnings season over the next few weeks. But deal arrangers suggest banks will still be keen to access the primary market during this period, should conditions remain favourable.
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BBVA has become the first bank to print a green additional tier one (AT1) deal. When it was issued this week, it proved that the demand for socially responsible investments (SRI) extends to the riskiest of asset classes, meaning other banks are certain to bring out their own versions of the trade, writes David Freitas.
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Bankinter continued the additional tier one (AT1) supply spree on Thursday, becoming the third issuer to launch this type of bond this week and receiving praise for the 6.25% coupon it achieved.
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BBVA became the first financial institution to issue green debt in additional tier one (AT1) format on Tuesday, launching a bond with a 6% coupon. The Spanish lender left no premium on the table, according to some market participants.
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European banks are looking to tie up loose ends in their 2020 funding plans in next couple of weeks, according to deal arrangers, as they get ready for a remarkably uncertain summer period. Tyler Davies reports.
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CaixaBank attracted plenty of demand for its first Covid-19 bond on Wednesday, printing a €1bn deal at a spread that was through the fair value implied by its outstanding securities.
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A worsening in credit conditions has squeezed some borrowers across EMEA out of syndicated loans and into the bilateral market. As syndicated loans bankers face another year of disappointing figures, market players are split over whether this trend will leave a more permanent dent in volumes. Mariam Meskin and Jon Hay report.
