BBVA, Debt Capital Markets leader in SpainJuly 31, 2013
BBVA is once again the leader of Spain's debt capital markets according to data for the first half of 2013 released by Dealogic, a platform specialized in Investment Banking.
BBVA Corporate & Investment Banking stood out in six of the 12 categories proposed by Dealogic: debt markets, public debt markets, Project Finance Loans, MLA Syndicated Loans, IG Syndicated Loans and Corporates Syndicated Loans.
Mª Luz Campo, Head of Corporate Syndicate Lending at BBVA, explained "BBVA was leader in syndicated loans in Spain for the fifth straight year, carrying out more syndicated deals in the first half of 2013 than any other financial group". According to data released by Dealogic, there were 63 syndicated loans in Spain through June for a total of €17.9 billion, down 68% on 1H 2012, although the number of operations remains steady.
In Project Finance, BBVA was the market leader with a 16.7% share, according to the Infrastructure Journal magazine and Dealogic. Carlos Fernández Almazán, Head of Project Finance Europe, said "whereas activity in Europe overall has declined, there have been some major deals in Spain, such as the Bahía de Bizkaia Gas regasification plant, the Gerediaga-Elorrio highway, the loan to Hispasat to develop satellites and the refinancing of Zaragoza Alta Velocidad." Business volume in this area was 30% lower than in the first half of 2012.
BBVA also ranked first in SSA bonds in Spain for the fifth year in a row, with a 23.7% market share, with the market gradually returning to normal. Juan Garnica, Head of Public Sector Origination, added "after a tough 2012, the Spanish public debt market has performed extremely well this year, with volumes up 35% from last year and total revenue in the first half reaching €32.6 million."
This type of risk in Spain is beginning to attract large international investors again, especially in the main US and UK financial centers. The German and French financial centers are still somewhat wary of the Spanish market.