Activity in the debt issuance market has resumed this week, after the traditional break at the end of the year. It did so in a big way, recording a record day of companies closing placements in Europe of the decade. Companies are taking advantage of investor liquidity, typical of these dates, to launch operations. The bank was the one that opened the window in Spain on Tuesday, and this Thursday it is Ferrovial that launches an issue. The infrastructure firm has not issued debt since September 2023.
Ferrovial has placed bonds for a total of 500 million, maturing in 5 years. The debt has been issued with a differential of 97 basis points over the reference rate or midswap, although the exact coupon is not yet known. The price has been lowered from the 135-140 basis points with which the operation began, despite the fact that in recent days investors are demanding higher interest rates on the debt as smaller rate cuts are discounted for the coming months, even in Europe. .
The firm has taken advantage of the start of the year to obtain financing, taking into account that it was soon assuming the maturity of one of its bonds currently in circulation. The company chaired by Rafael del Pino had until now had four live debt issues, having the first maturity at the end of March of this year for 500 million in bonds issued in 2017. The next one is not until May 2026. The last operation was closed 16 months ago, when Ferrovial sold debt, raising another 500 million to be returned in 2030 and paying a coupon that then stood at 4.375%. These latest bonds are now trading at around 3.42%.
The underwriters of this latest issue were Bank of America, Barclays, CaixaBank, CrƩdit Agricole Corporate and Investment Bank, RBC Capital Markets, Santander, Sumitomo Mitsui Financial Group and SociƩtƩ GƩnƩrale, according to data from Bloomberg.
On the stock market, at maximums
Ferrovial shares are now trading at historic highsabove 41 euros, after increasing the price by more than 22% in the last twelve months. This increase has raised its capitalization to nearly 30,000 million euros.
The company’s securities continue to be some of the most traded on the Spanish stock market, despite the fact that they are now also listed in the Netherlands (for more than a year and a half) and in the United States. It is the ninth firm with the most hiring on the Ibex in the last six months, with a daily average of 45 million euros, according to data from Bloomberg.
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