Spain
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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. -
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.
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News that the European Central Bank was "reflecting" on reinstating its Targeted Longer-Term Refinancing Operations for a third time (TLTRO III) sent a cheer through the financial institutions bond market this week. Banking commentators had been expecting some sort of extension for the cheap liquidity programme, now they see it as all but inevitable, writes Tyler Davies.
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Spanish supermarket group Distribuidora Internacional de Alimentación revealed a new scheme to solve its financial troubles this week, away from the potential debt cut and cash injection recently suggested by its largest single shareholder, LetterOne.
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Spanish supermarket group Distribuidora Internacional de Alimentación revealed a new scheme to solve its financial troubles on Wednesday, away from the potential debt cut and cash injection recently suggested by its largest single shareholder LetterOne.
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LetterOne, the private equity firm that is the largest shareholder in Distribuidora Internacional de Alimentación, the Spanish supermarket chain, has drafted a debt restructuring plan for the troubled company that echoes the latest attempt of renewable energy group Abengoa to survive by cutting its leverage.
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Shares in Solarpack Corporación Tecnológica, the Spanish solar power generation company, have risen by 8.9% in the aftermarket after it priced its €100m IPO above the bottom of the range.
