Spain

Lecta has announced that its bondholders are being represented by investment bank Houlihan Lokey and law firm Willkie Farr & Gallagher, as the Spanish paper company struggles to keep up with bond payments. Last month, the troubled company said it had hired Evercore and Rothschild to advice on “strategic alternatives”, including possibly restructuring the firm.

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The head of capital markets at Spain’s Instituto de Crédito Oficial has left to join the region of Madrid as chief financial officer.

ING sold a dollar-denominated additional tier one (AT1) this week, adding an influx of supply in the asset class in recent weeks. It will have the option to redeem its new bonds twice a year after the first call date, instead of the usual five years in all of its outstanding bonds.

Issuance is starting to resume after the summer break; however, this week a booming public market drew away investor and issuer attention from MTNs. Despite this, a range of established SSA, FIG and corporate borrowers have slipped in, with deals across core, niche and EM currencies.

A block in Ferrovial, the Spanish transport infrastructure company that partly owns Heathrow airport, was met with strong demand last night during an accelerated trade.

BBVA was marketing an additional tier one bond on Wednesday, making use of the favourable conditions that other issuers have found for similar instruments in the dollar market, while BNP Paribas, Bank of Nova Scotia and Bawag kept euro investors busy.

Equity capital markets investors are becoming increasingly focused on sustainable investments, particularly those linked to renewable energy. The strength of this demand could be tested this autumn, should Spanish renewable energy firm Zero-E choose to list.

The Spanish non-bank mortgage lender Unión de Créditos Inmobiliarios (UCI) is set to issue an unusual structured covered bond through a special purpose vehicle. The transaction works a little like legacy multi-Cédulas deals, benefiting from a liquidity facility that allows for a soft bullet extension.

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Industrial and Commercial Bank of China and Banco Santander tapped the sterling market for senior bonds this week and what bankers said were high-quality orders led both issuers to increase the size of the benchmark transactions.

Renewables companies Sonnedix and Solarpack have signed separate project finance facilities totaling €260.6m, with the funding going towards solar photovoltaic plants in Italy and Spain.