Spain

The European high yield bond pipeline was stuffed with an array of mainly sub-benchmark deals this week, after issuance volume hit a historic high.

Leveraged loan issuance is set to outpace sales of new high yield bonds with a surge this year, pushed by a varied array of borrowers seeking not just tighter margins on old debt, such as US chemical group Angus this week, but also funding for acquisitions, as with Nordic travel operator Etraveli.

Italian corporate issuers have dominated bond issuance in recent weeks but Wednesday brought a pair from Iberia, as two energy suppliers took advantage of the market's hot conditions.

BBVA opened books on a new additional tier one (AT1) on Wednesday, in a sign that the market was already entering its first phase of refinancing.

On Tuesday, Spanish infrastructure operator Ferrovial tapped into demand for the enhanced yield offered by hybrid bonds and matched the second lowest coupon ever on such an instrument.

Cores, Spain’s strategic oil reserves manager, has picked banks for a roadshow to promote a euro bond, just as Spain faces its most severe political turmoil in years. But Spanish bond prices, bolstered by European monetary policy are more than weathering the storm.

BBVA is shuffling several senior bankers in its global project finance team, after its global head of energy project finance departed to take up a role at ING Capital in New York.

Cores, Spain’s strategic oil reserves manager, has picked banks for a roadshow to promote a euro bond, just as Spain faces its most severe political turmoil in years.

Majorcan travel services operator Hotelbeds has announced a repricing of all its loan debt, continuing a wave of margin cutting that investors have little choice but to support.

Investors appear emboldened by news of a snap election in Catalonia, returning to Spanish government bonds and pushing yields down to near two month lows.

After 130 years as a family business, Navarra-based berries producer Planasa sold a majority stake to private equity firm Cinven on Monday, in a €450m deal.

Deutsche Bank is tonight leading a block trade so that three foundations that are among the largest shareholders in Liberbank can 'tail-swallow', meaning sell some of their stakes to finance subscription to Liberbank's €500m rights issue.