Spain

Solarpack Corp Tecnologica, the Spanish solar power generation company, has begun bookbuilding for its €101m IPO on the Spanish Stock Exchanges after the deal prospectus was approved by market regulator CNMV on Tuesday.

Instituto de Crédito Oficial, already well established in the social bond market, is planning to broaden its socially responsible investment offering with its first ever green bond next year.

A pair of socially responsible investment deals from public sector borrowers received mixed views on Monday from on-looking SSA bankers. Instituto de Crédito Oficial was able to tighten its spread by 3bp for its first syndication of 2018, while Bank Nederlandse Gemeenten returned for its second sustainability bond of the year.

Liberbank plans to issue its first covered bond, a transaction that will help refinance maturing debt borrowed under the European Central Bank's second Targeted Longer-Term Refinancing Operations (TLTRO). Many other banks face a similar problem, but seem to be ignoring the €399bn maturity wall that is fast approaching, writes Bill Thornhill.

Liberbank plans to issue its first covered bond, Danske Bank in Finland is set to issue its first deal in three years and UniCredit Austria has announced a roadshow hot on the heels of a Pfandbrief issued by the German subsidiary.

Spain’s Red Electrica Corporation has signed the first ever syndicated loan on a blockchain, though some loans officials away from the deal question how useful the technology will be in its goal of reducing transaction times.

Spanish banks won out this week after a series of conflicting statements from the courts and the government finally led to clarity on who should be liable for paying stamp duty on mortgage loans.

Masmovil Ibercom, a Spanish telecoms firm, raised €360m through a quickly executed primary share sale on Wednesday evening, allowing the firm to redeem an outstanding convertible bond.

Spanish banks were among the best performers in the debt and equity markets on Wednesday, after the country’s Supreme Court surprised market participants by reversing a ruling that would have meant that lenders were liable to pay stamp duty on mortgage loans.

The Spanish Supreme Court is expected reach a decision on Tuesday about whether banks should have been liable for certain mortgage taxes that have previously been paid by the borrower.

The Autonomous Community of Andalusia is aiming to revisit the public and private bond markets next year, according to the region’s minister of economy and finance.

Distribuidora Internacional de Alimentación, a recently downgraded Spanish discount food retailer that issued a profits warning last week, saw its outstanding bonds fall further in the secondary market despite providing a glimmer of good news.