Spain

There is a growing pipeline of subordinated bond issuance in the FIG market this week, as issuers think about their regulatory requirements and find no reason to wait in light of a recently favoruable backdrop.

Spanish pharmaceutical company Grifols is planning to take advantage of balmy market conditions with a refinancing package that will replace most of its outstanding debt. The package will consist of a $3bn term loan B in dollars, a $1.6bn TLB in euros and $1.25bn of senior secured bonds issued in euros.

Banco de Sabadell completed its annual funding plan on Tuesday with a €500m preferred senior bond, adding a call option to the transaction in a clear sign that it is likely to be used as part of the minimum requirement for own funds and eligible liabilities (MREL).

Guarantor: Kingdom of Spain

Instituto de Crédito Oficial (Ico) is planning to issue its second green bond in 2020, following its debut trade in the format earlier this year.

Instituto de Crédito Oficial (Ico) and Investitionsbank Berlin (IBB) found strong demand in the short end of the euro curve on Wednesday, which SSA bankers are calling the new sweet spot, despite the deeply negative yields.

Instituto de Crédito Oficial (Ico) held investor calls on Tuesday ahead of its return to the social bond market to complete its funding needs for the year.

The IPO of Zero–E, a Spanish renewable energy firm, has been delayed until next year, as ACS, the company’s parent, explores M&A options, say sources close to the deal.

Cellnex, the Spanish wireless telecommunications company, is getting tremendous traction in investor meetings for its €2.5bn rights issue to fund a transformational UK acquisition.

The branding may be on the way out, but there are plenty of reasons to be encouraged about the potential for real progress in the next phase of the Capital Markets Union.

Santander Consumer Bank was more than three times subscribed for a tightly priced €500m five year preferred senior bond this week — its second offering in the asset class.

Cellnex, the Spanish wireless telecommunications company, has agreed a deal to acquire the telecoms division of Arqiva for £2bn and is undertaking a €2.5bn rights issue to help fund the transaction.