Spain
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Spanish regional issuers are in discussions with the Autonomous Community of Madrid in an effort to add their names to the list of Spanish public sector SRI bond issuers. -
The Spanish National Court has ordered parties involved in a criminal investigation into Banco Popular to hand over nearly 80 related documents, including a full and unredacted version of Deloitte’s valuation report.
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The Autonomous Community of Madrid on Tuesday printed its largest ever sustainable bond — and its biggest bond of any kind in three years — with a trade that was double the size of its SRI debut last year. Bankers away from the trade hailed the “excellent” result, with one saying it was “probably as good a result as the issuer could have hoped for”.
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The Autonomous Community of Madrid is prepping its second ever sustainable benchmark, after mandating banks on Monday.
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The European Stability Mechanism has cut more than 20% from its funding target for 2018 after approving a request from Spain to pay back €5bn of its ESM loan ahead of schedule.
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Despite a turbulent Monday for markets in Asia, Europe and the US, HSBC successfully completed the sale of 4.7m subscription rights for shares in Prisa, the Spanish media group that owns El País, ahead of its €563m rights issue.
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While the fast pace of issuance that characterised the SSA market in January has abated, the euro sector provided some rarer names with funding across the curve this week, in spite of a general widening of spreads.
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The IPO of Metrovacesa, the Spanish property developer, finished oversubscribed on Friday after the deal was repriced downwards after reaching the end of its scheduled bookbuild period without any covered message having been given.
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The investment grade corporate bond market started February with the second busiest day of 2018 so far, picking up after a relatively quiet January. Acea, Ford and Prosegur Cia de Seguridad, sold five tranches between them, including two floating rate notes (FRNs), on the first day of the new month.
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The investment grade corporate bond market has started February with intent, with Thursday registering as the second busiest day of 2018 so far.
