Spain
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France is hoping to add its name to a growing list of sovereigns in China’s Panda bond market, having discussed the possibility with at least two of the country’s biggest state-owned banks. -
El Corte Inglés, Europe’s largest department store group, has agreed a debt refinancing of up to €3.65bn and negotiated better terms, even as bankers fret about how loose lending conditions are becoming.
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Iberdrola, the Spanish electricity company, has amended and extended €5.3bn-equivalent of green loans, in what it claims is the largest sustainable finance transaction ever. It has locked in its best bank facility terms for more than a decade.
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While Tuesday brought a flurry of euro benchmarks, the pace of issuance will slacken on Wednesday as the market battens down for a busy week of US data announcements.
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Bankinter followed last week’s blow out sovereign issue from the Kingdom of Spain to launch a covered bond on Monday. With an unreconciled order book of €1.6bn and little price sensitivity, the offering contrasted starkly to earlier peripheral covered bonds seen this year.
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When talking to syndicate managers or investors about the first month of 2018, you may think that supply volumes in the euro investment grade corporate bond market have been unusually low. However, a comparison of previous January issuance levels suggests it has been a much more normal start to the year.
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While European Central Bank president Mario Draghi kept firmly to his course of accommodative monetary policy at Thursday’s press conference, the euro strengthened further against the dollar, dragging Bund yields up with it. Lewis McLellan reports.
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Prisa, the Spanish media conglomerate that owns El País, has launched its fully underwritten €563m rights issue after it was approved by CNMV, the Spanish market regulator, on Thursday.
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Terratest, the Spanish geotechnical engineering business, has acquired US construction consultancy GeoStructures with funding from Tikehau IM.
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Spain’s 10 year benchmark weighed in at €10bn on Tuesday — its largest deal in four years — and drew an astonishing book of over €43bn.
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Providence Equity Partners increased the size of an offering to sell a 14.03% stake in Spanish telecom operator Masmovil through a block trade on Monday evening.
