Spanish Sovereign
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The Basque Country could became the latest Spanish sub-sovereign to hit the bond market in recent weeks as the regions look to get in ahead of Spain’s general election at the end of April. -
Instituto de Crédito Oficial (Ico), an already well established issuer in the social bond market, will meet investors to market its debut green bond.
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Bankers away from Andalusia’s 10 year euro benchmark are heaping praise on the trade, which was priced on Tuesday.
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The Spanish Treasury is studying the possibility of issuing green bonds — a shift from its previous position on the format — after the country’s government last week outlined a series of measures to decarbonise the economy by 2050. Spain is also adjusting its inflation-linked bond issuance strategy this year. If the sovereign does decide to issue green bonds, it is likely to find strong demand, with one of its own debt issues as well as a returning Spanish region this week being heavily oversubscribed.
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Galicia on Thursday made a triumphant return to the bond markets on Thursday as it became the latest Spanish autonomous community to print after several years away.
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The Spanish Treasury is studying the possibility of issuing green bonds — a shift from its previous position on the format — after the country’s government last week outlined a series of measures to decarbonise the economy by 2050. Spain is also adjusting its inflation-linked bond issuance strategy this year.
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Galicia is set to become the latest Spanish autonomous community to return to the bond markets after many years of absence, after it mandated banks on Wednesday to sell a new issue. It could also come to the market for a second time later in the year.
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Spain's no-grow €5bn 15 year syndication on Tuesday was only marginally short of breaking the record order book for a public sector euro benchmark that the sovereign set only last month, despite some investors saying that the deal offered little or no concession.
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The European Stability Mechanism on Monday took care of all its first quarter funding needs in one fell swoop, drawing a heavily oversubscribed book with high Asian demand that allowed 2bp of price tightening. On-looking SSA bankers said the deal was a good sign for — and likely gave confidence to — Spain, which is bringing its second syndicated benchmark of the year on Tuesday.
