Spain
-
-
Bankia, the Spanish lender, reopened the additional tier one market for Southern European names this week, but not every trade out of the region may enjoy such a warm reception. -
Bankia, the Spanish lender, reopened the additional tier one market for Southern European names this week, but not every trade out of the region may enjoy such a warm reception.
-
Spain reopened the post-summer peripheral sovereign market in style, achieving its largest order book for an inflation linked bond since its inaugural trade in the format in 2014.
-
The deal flow of high yield bonds kept rising in euros and sterling this week. Four new issuers joined the already heavy pipeline, including a euro bond from UK premium car manufacturer Jaguar Land Rover.
-
Public sector euro benchmark supply is set to restart after a lull last week, with a eurozone sovereign and a French agency hitting screens on Monday for pricing on Tuesday.
-
Catalonia cancelled its ratings contract with S&P Global last Friday to save costs, according to an official at its Treasury. But the source added that rating agency reports “don’t show the actual picture of Catalan finances” due to Spanish central government control.
-
Investors were queuing up to buy Bankia’s latest additional tier one transaction on Monday, as the Spanish bank reopened the subordinated bond market for Southern European borrowers.
-
Amadeus, the Spanish IT company that provides systems for the air travel industry, sold its fourth deal in as many consecutive years on Thursday. The new deal was its first multi-tranche offering and the eight year tranche was the longest the company had offered to date.
-
Banco Santander brought the first sterling deal in more than six weeks with a non-preferred senior transaction, in a rare instance of a Spanish bank choosing to access funding in that currency.
-
Spanish telecoms company Telefónica sold its second euro-denominated senior bond of 2018, benefitting from one its quietest years of issuance with a single digit new issue premium.
-
Spanish insurance firm Mapfre offered a tier two bond on Friday, in the first insurance deal in more than eight weeks. The issuer paid up, particularly as its outstanding tier two gapped out substantially after the deal was announced on Thursday.
