Spain
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Spain came to market on Tuesday, printing its traditional January 10 year euro benchmark and receiving an overwhelming level of demand.
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Leveraged finance markets in Europe are looking up, and bankers expect they may even see some deals priced before long. -
Spain mandated banks on Monday for its first syndicated bond of the year, as it looks to replicate the success of other eurozone sovereign syndications so far in 2019.
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Maintaining confidence in the system relies on trust that leaders — those selected for their competence and character to set the course for the rest of us — are well informed, able to communicate with others at their level and take decisions that serve the interests of those they lead.
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Zegona, the London-listed investment fund focused on telecoms, media and technology assets, has raised £100.5m ($130m) of fresh capital to fund a stake build in Euskaltel, the Spanish telecommunications company.
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Credito Emiliano this week issued the first Obbligazioni Bancarie Garantite of the year, sending a strong signal to issuers struggling to fund in the senior market. The Italian bank followed Deutsche Bank SA which issued the first Spanish deal of 2019.
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The public sector euro market’s thundering start to the year stayed noisy on Thursday as a quartet of smaller issuers from across the continent printed oversubscribed deals.
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Small benchmark covered bond deals issued on Wednesday by Deutsche Bank’s Spanish subsidiary and UniCredit’s Austrian subsidiary were slow to build and priced in line with initial guidance. This led some to question whether this was due to a degree of unease with their parent groups or whether investors baulked at the pricing process.
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Cellnex Telecom, the Spanish wireless telecommunications company, has reopened the equity-linked market in Europe with a €200m tap of the €600m convertible bond it issued exactly one year ago.
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Spanish political risk is set to spike in 2019 as the country goes to the polls in local, regional, European and possibly national elections during the next six months. But Spanish companies may be ill prepared to work out more flexible funding plans to cope with this, investors and bankers warned this week. Victor Jimenez and Nigel Owen report.
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Two troubled Spanish high yield credits, supermarket firm Distribuidora Internacional de Alimentación (Dia) and energy group Abengoa, have started the year with new schemes to reassure investors. More Spanish companies may want to follow suit, sources said, as the country faces a surge in political risk in 2019.
