Spain
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Investment house Kartesia has provided a unitranche loan for Spanish fertiliser maker Fertiberia to replace part of its debt, as this type of lending becomes more popular in Europe. -
WiZink Bank sold its buyout payment-in-kind (PIK) bonds in the euro high yield market this week, a rare opportunity for high yield investors given the slim volumes from the financial sector and Iberian issuers this year.
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Värde Partners plans to fund the acquisition of Spanish consumer credit bank WiZink with payment in kind (PIK) notes, a type of high yield issuance that borrowers have barely used in the last 18 months.
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Solaria, the Spanish solar energy company, sold a €96.8m block of shares to fund the development and execution of its photovoltaic projects in Spain and in order to continue broadening its portfolio of projects under development.
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Spain’s Grupo Siro has signed a €240m loan with sustainable features, as green financing continues to make a path into the syndicated loan market.
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Sovereign, supranational and agency borrowers were out in force this week, but the second busiest week of the year for euro funding was notable for the lack of price tension on many deals.
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Spain, fresh from its success with a 10 year benchmark on Tuesday, is eyeing a return to the long end of the syndicated inflation linker market towards the end of the year.
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Spain’s Masmovil has completed a second round of refinancing on its bank loans, shaving a further 100bp off the cost of its total debt pile and ramping up the size to €831m.
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Public sector issuers have streamed back into the primary market in euros after being kept away by weeks of volatility. This week is already the second busiest of the year for the sector, but investors are starting to focus on where interest rates are headed.
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Two euro borrowers launched benchmarks on Wednesday, sharing the SSA euro market. While both secured successful deals, one found the market tougher going, as investors pushed back.
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A pair of borrowers have hit screens for euro benchmarks to be sold during Tuesday’s session, but another nipped in ahead of the rush to price on Monday.
