Sabadell senior sinks

摘要

Banco sabadell's senior market return flopped last Wednesday as the bank pulled a planned €500m bond after struggling to uncover enough demand. The Bal/BB+/A rated Spanish lender last printed a senior deal in 2013, and began marketing the four-year deal at 140bp area over mid-swaps via Banco Sabadell itself, Credit Suisse, Natixis, HSBC and Santander. But Sabadell struggled to establish a consensus on what price it should pay and announced around noon that it would delay the deal until the end of the summer.