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Telefónica, Iberdrola, Repsol y Gas Natural – seguirán dominando las emisiones de bonos en 2015
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    <strong>Artículo publicado en <a href="http://www.lacartadelbolsa.com">La Carta de la Bolsa</a> el Sabado, 06 de Junio en la sección: Articulos</strong>
    <h3 class="titulo_articulo">Telefónica, Iberdrola, Repsol y Gas Natural – seguirán dominando las emisiones de bonos en 2015</h3>
    Redacción
    <p>Un informe de Moody’s concluye que el crecimiento de las emisiones de bonos por empresas españolas será estable pero modesto en 2015, tanto por el mejor acceso a la financiación bancaria, gracias al programa de compra de deuda del BCE, como por los bajos volúmenes de fusiones y adquisiciones, además de las necesidades de refinanciación moderadas. Moody’s cree que los cuatro emisores principales – Telefónica, Iberdrola, Repsol y Gas Natural – seguirán dominando las emisiones de bonos en 2015.</p>
    <p>Growth in Spanish corporate bond issuance will be steady but modest in 2015 as improved access to bank financing, low M&A volumes and moderate refinancing needs offset new issuance from first-time issuers, says Moody's Investors Service in a report published today.</p>

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<p>Moody's report, entitled "Modest Growth Expected in Spanish Corporate Bond Issuance Despite Favourable Market Conditions," is available on <a href="http://www.moodys.com/" target="_blank">www.moodys.com</a>.</p>

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<p>"With improved access to bank financing, partly driven by quantitative easing by the ECB, Spanish corporates do not feel the same pressure to access the bond markets," says Ivan Palacios, a Moody's Vice President -- Senior Credit Officer and author of the report. "The market will most likely be dominated by repeat issuers seeking to refinance debt opportunistically, rather than first-time issuers being lured to the market."</p>

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<p>In 2015, Moody's expects annual Spanish corporate bond issuance to be in the range of EUR20 billion to EUR25 billion, from EUR20 billion in 2014. Annual bond issuance has remained broadly stable during the past five years at around EUR15 billion to EUR25 billion, while access to bank financing has improved since the low levels of 2012.</p>

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<p>Moody's forecasts such moderate growth levels despite Spanish corporates being able to continue accessing bond markets at attractive rates as a result of historical low interest rates, the reduction in country risk premium and improved macroeconomic trends.</p>

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<p>Moody's expects that the portfolio of Spanish issuers will continue to expand and diversify and that their average rating will remain stable at Ba in 2015.</p>

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<p>Moreover, Spain's top four issuers -- Telefonica S.A., Iberdrola S.A., Repsol S.A. and Gas Natural SDG, S.A. -- will continue to dominate bond issuance, issuing a combined total of around EUR10 billion worth of bonds each year.</p>

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<p>Report is available at: <a href="http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1004762" target="_blank">http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1004762</a></p>
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