In line with the hoped-for, 2020 arrangement with a strong market activity and record of emissions: only in the first week the Spanish issuers will also carry out operations. “Between January and February, with a prospect of volatility, with favorable agreements such as Brexit or the elections in EE UU, the main emissaries will launch a deuda, in a natural move to end the year with a year Santander.
But with the onset of the storms and the confinement, the markets will take a break this summer, and until the 18th of March, with the BCE announcement of its PEPP emergency recovery program, it will not return to resume activity, marking a new maximum volume. Following the principles of April passed, Iberdrola reclaimed the market with a green bonus five years ago, and the following were followed by Naturgy, Repsol and Red Electric.
Iberdrola resumes the market in April with a green cocoon five years ago
JP Morgan estimates that, in particular in the credit market, the differentials in secondary education will finalize this year without changing or further straining. “By referring to volumes in primary, we hope that they are reduced, while the ownership record that we will draw, yes that banks and companies will empower the ownership with much liquidity”.
Bankia’s analysts comment that there are agreements “from which we can assist in another very active year in the bonus market, if we agree with the Covid as a fund.”
On the other hand, Bankinter, which has increased its participation in the largest issue in the history of Iberdrola, of 3,000 million hybrid bonds, prevailed, while acknowledging the expected expectations for the economies, suprirating the refugee assets and will favor those with the mayor risk, as well as the private pension interest and more liquid operations. “2021 will also serve to confirm the trend towards green and sustainable bonuses”.
Worlds and socials
Barclays results in the first issue of the Treasury to a place of 30 years in February passed of 15,000 million (the mayor of the history of the organism and in Spain), and in that act as collocator, and hopes for this year that the ESG, that engloban loses bonos verdes, sociales y sostenibles sigan adquiriendo cada vez burgemeester peso y atrayendo nuisos emisores.
HSBC considers that, in other years, in 2021 there is not a component identified as volatility: “To produce, sell the man that we named components in the colloquial giant cola or for a more economical slow recovery of . As 2020 has taught us, the cola events can not be explained, but we want to think that the central banks will decide to act ”.
The banks are very conservative at the time of financing, underlined by Natixis: “It will continue during the first half of 2021 and will probably last for a second. In terms of type of operations, there will be very similar to 2020 ”.
The support of fiscal estimates, monetary media and regulatory action should be acted upon as a result of asset prices
Javier González (BNP Paribas)
Given the large and different types of bad credit types, Sabadell hopes for this ownership that the assets that profitability will be in high demand, due to which there will be an increase in emissions to large places (more than 10 years) or subordinate debt. As for news, “I have a continuous creation of sustainable bonuses”.
Manuel Puig, responsible for debt capital markets for BNP Paribas corporations for Spain and Portugal, it was announced this year that “hybrid and senior debt operations will be widely used as alternatives for issuers and investors”. And Javier González, responsible for debt capital markets for financial entities in Spain and Portugal of the same entity, added: “The support of fiscal estimates, monetary mediators and regulatory action should act as a result of reduced activity prices”.
Desde Citi, Abraham Douek, responsible for the Spanish pension interest rate in Portugal for financial entities, and Bruno Sáenz de Miera, responsible for the Spanish pension interest rate in Portugal for corporate entities, considering the 1,000 million euro issue and BBVA green format as the operation more innovator of the year. Therefore, in 2021, the factor that creates the greatest instability is the incidence of overcrowding and the BCE will start reducing the liquidity that is ineffective.
ING analysts have no doubt: the most successful products on the market in 2020 are those that have a sustainable component; also in 2021, the financing of green projects will follow growing in Europe with the agenda for economic recovery post-Covid.
Provisions for 2021
BBVA. “We believe that the types will be kept to a minimum and that the credit curves will be relatively flat. And we think that the issuers will approve the joint venture to extend sales and issue in the large part of the curve ”.
Santander. “In Spain, as part of the companies hiccuping their work in 2020, we will be conducting interesting operations that will be able to boost ratings through hybrid emissions emissions”.
Agricultural credit. “Hasta que no podamos hacer vida normal, empezar a gastar, viajar via, la economië no se a recuper con la vacuna”, advisierte Pablo Lladó, direktor van mercado de capitales. De cara a 2021, afirma: “Los tipos están tan bajos que podrían salir empresas medianas que apelen por prima vez al market de capitales. Tendrían demanda ”.
Goldman Sachs. “Central banks are active both in the primary market as in the secondary. We will issue lower-volume emissions (15% -20%) than in 2020. It will generate a mayor’s salary at credit levels ”.