Momentum in bond placement by the Spanish private sector

Momentum in bond placement by the Spanish private sector

Fecha: noviembre 2019

A.F.I., Javier Pino, Irene Peña, José Manuel Amor, Salvador Jiménez

Deuda privada, Emisión de renta fija, Bonos verdes, Bonos sociales

Spanish and International Economic & Financial Otlook, SEFO, V. 8 N.º 6

After muted activity in 2018, this year has seen intense growth in private fixed-income issuance by Spanish issuers. Specifically, bond issuance by the Spanish private sector during the first 10 months of 2019 is 23% higher year-on-year and already above the volume issued in all of 2018. This can be attributed to several factors, including the collapse in sovereign yields and the persistence of record-low credit spreads. The banking sector is spearheading the growth in issuance and a shift in the types of debt instruments issued. Non-financial corporate debt issuance is growing at a slower pace, albeit faster than in 2018, in an environment that continues to be shaped by diversification of sources of financing, interest rate refinancing and term lengthening. Particularly noteworthy is the expansion of foreign bond issuance among this segment and the fact that almost all bonds issued this year had maturities of at least 5 years. Lastly, data show the gradual maturing of the fixedincome market for medium-sized enterprises (known as MARF) and sharp growth in the issuance of green, social and sustainable bonds, segments in which the Spanish issuers are emerging as global pioneers.

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