Spain

On Wednesday Spanish telecoms company Telefónica brought the third hybrid from a Spanish corporate issuer this November, following deals by Ferrovial and Iberdrola.

On Wednesday Spanish telecoms company Telefónica brought the third hybrid from a Spanish corporate issuer this November, following deals by Ferrovial and Iberdrola.

Inmobiliaria Colonial, the Spanish property company, has raised €416m to partly finance its bid for rival Axiare Patrimonio.

Ford Motor Credit Co, the financial services arm of US motor company Ford announced a dual tranche corporate bond deal on Monday comprising two floating rate notes.

Property has been one of the most favoured sectors in the corporate bond market in 2017 and this week saw three more deals. Germany’s TLG Immobilien and Spain’s Inmobiliaria Colonial added €1.2bn to the year’s supply in euros, while UK student accommodation provider Liberty Living sold a £500m ($665.3m) deal.

Four new investment grade corporate bond issues in euros and one in sterling ensured European investors were much busier on Tuesday than they had been on Monday.

Cores, Spain’s strategic oil reserves manager, has returned to capital markets for the first time in two years, defying Spain's political turmoil to raise €400m while slashing 7bp from its initial spread.

Banco Santander is preparing to sell its non-preferred senior bonds in the public yen market, with pricing expected in early December.

CVC and Ardian charged up the leveraged loan deal pipeline with new buyouts of European businesses in Ireland, Greece and Spain this week. A strengthening European economy is likely to attract more, said market participants.

Investors in green corporate bonds had two very different deals offered to them on Tuesday. Spanish utility Iberdrola sold a green hybrid bond, while Toyota Motor Credit Corp, Toyota’s auto finance subsidiary, offered a long 3.5 year green tranche alongside a seven year non-green tranche.

Following French food company Danone’s recent hugely successful hybrid corporate debut, investors have been waiting for the next hybrid trade. This week they had two to consider.

The public sector market for euro paper is providing superb execution for those borrowers that still have needs in the currency — but those are few and far between.