CARGA_INICIAL20200528
European and Spanish banks: Dominating the primary debt markets
Financial markets’ propitious start to the year has led to the intensification of issuance in the European and Spanish primary fixed-income markets.
La banca, principal emisor en los mercados
El entorno favorable con que arrancaba el año en los mercados financieros se convirtió en caldo de cultivo para intensificar la actividad emisora en los mercados de renta fija europeos y españoles.
Momentum in bond placement by the Spanish private sector
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.
CoCos (AT1) versus capital (CET1) at Spanish and European banks
Contingent convertible bonds (CoCos) have emerged as one of the most popular instruments for recapitalisation in the European banking sector. In Spain alone, the 22 billion euros of CoCos issued over the last five years account for around 60% of Spanish banks’ capital-raising efforts.