BBVA Corporate & Investment Banking is the top Bookrunner and Mandated Lead Arranger (MLA) in Spain in terms of both syndicated loans and as the Bookrunner in the debt-issuance market for financial, corporate, and public-sector issuers, according to data from the first three months of 2014 compiled by Dealogic, the financial-information platform.
In the syndicated loans ranking, BBVA's market share is 15.4%, 5.4 points ahead of second place; while in the bonds ranking, it leads the way with a market share of 15.3%, compared to the 11.8% share held by its next competitor.
BBVA moved into first place in the lending market, both in terms of share and number of transactions, upon having spearheaded the largest transaction during this period: € 4.5 billion secured for Grifols. This loan was used to refinance a previous loan to this client and became the largest syndicated transaction for a health-sector company in Spain.
BBVA was also the bookrunner on other deals closed during the first quarter, including 400 million Euro in financing for the Antolín Group and 257 million Euro in a bridge loan for Almirall, a pharmaceutical firm. The latter was finalized by issuing 325 million Euro in bonds for 7 years at an annual interest rate of 4.625%, the most paid for a high-yield bond issue by a Spanish company, and the first high-yield issue that BBVA has being involved in at the top as the Global C oordinator.
Among bond issuances, BBVA was the Bookrunner on the nominal 10 million Euro issuance completed for Spain's Treasury, the largest in the country's history. In addition, BBVA led the issuances of other major Spanish issuers, such as Telefónica, Enagás, ICO, the Community of Madrid, and BBVA itself, during the first quarter.
Overall, the 21 syndicated-lending transactions completed between January and March totalled 11.9 billion Euro, up 25% over the first quarter of last year, with an average volume (565 million Euro) that was the biggest since the start of 2007.
On the other hand, debt transactions fell to 2008 levels, with an overall total of 39.7 billion Euro across 57 issues (BBVA acted as the Bookrunner in 22 transactions).