Investing in green bonds can be a very interesting alternative for investment and is one of the more unknown products by small and medium investors. Now ADIF has made an issue of this modality for an amount of 600 million euros. This is the third issue of this type that the company carries out in BME. These days, a new green bond issue of ADIF - Alta Velocity - is admitted for trading in BME for an amount of 600 million euros. After those carried out in June 2017 and April 2018, this is the third issue of this type of ADIF bonds on the BME AIAF Market.
The issue has a term of 8 years, the final amortization of the bonds will be in 2027 at the same time, it has an individual value of 100.000 euros and will pay a coupon of 0,95% per year. BBVA, Banco Santander, HSBC Bank and Société Générale have acted as Global Coordinators and Underwriters of the issue, which closed with a spread compared to Treasury Bonds of similar maturity of 28 basis points.
Likewise, the high interest generated by the placement is noteworthy, with an oversubscription of the order book of 3,3 times, which was led by international investors, 67% of the total, and subscribed in 60% by socially responsible investors. ADIF has a rating of Baa2, stable outlook, by Moody's Investors Service and from A-, stable, by Fitch. This is a very important piece of information to assess the security of this kind of investment and that can indicate the level of confidence in these very special issues.
Green bonds: sustainability
The funds raised through this issue will be used to build new stretches of high-speed lines. The issue is framed within the framework defined by ADIF's sustainability policies, which determine that the use of the funds will be eligible green projects, which establish the amounts and investment objectives in said projects and the obligations of reporting to investors. Additionally, ADIF's green bonds must be subject to a second opinion on compliance with these criteria by CICERO (Center for International Climate Research).
New promissory note program
Global Dominion Access has registered a new Promissory Note Program with MARF. With this new financing tool the company will have a maximum outstanding balance over the next 12 months of up to 75 million euros and issue promissory notes with repayment terms between three days and 24 months. Bankia, Banco Santander and Norbolsa act as Co-Managers and Placement Entities of the Program. PKF Attest is Dominion's Registered Advisor at MARF and the issuer's legal advice for the opening of the program has been provided by the GBP-Legal firm.
In the opinion of Gonzalo Gómez Retuerto, Managing Director of MARF, “the Promissory Notes Programs in this market of BME have been consolidated as a useful and very flexible financing formula for companies, since they allow them to adapt the volumes issued to their financial needs ”. In its five years of operation, MARF has registered programs from 38 companies that have already broadcast in this market.
New business opportunities
Global Dominion Access was established in 1999 and throughout its 20-year history it has become a leading provider of multi-technology services and specialized engineering solutions for the telecommunications sectors, in industrial installations (tall structures, pipe assemblies, gas and combustion systems or coatings) and in the field of wind and photovoltaic renewable energies. It has a presence in 38 countries. Europe represents 60% of its sales, America, 29% and Asia and Oceania, the remaining 11%.
In 2018 Dominion obtained a consolidated turnover of 1.084 million euros and an EBITDA of 72,4 million. The company has been listed on the Stock Exchange since 2016 and is included in the IBEX Small Cap index. To the point of becoming another alternative to make savings profitable but under another lens in the strategy used by the issuers of these fixed income products. Where the intermediation margins do not exceed levels of 2% or 3%.
New bonds in fixed income
A new issuance of project bonds by Photonsolar, a subsidiary of Kobus Renewable Energy II FCR, for an amount of 36,5 million euros, has also been entered for trading at MARF. The bonds have a unit face value of 100.000 euros and will accrue a coupon of 3,75% nominal per year, payable quarterly, on the face value at all times. Amortization will take place by reducing the nominal amount and on a quarterly basis until 2038.
Axesor Rating has given Photonsolar's bond issue a rating of BBB-, with stable trend. Photonsolar operates seven photovoltaic plants located in Ciudad Real, Seville, Córdoba and Mallorca, which entered into operation between 2006 and 2008, and which, as a whole, manage a nominal power of 8,82 megawatts.
Promissory notes in Solaria
MARF has listed a new Promissory Notes Program of Solaria Energía y Medio Ambiente, through which Solaria enters the market for the first time from the Group's corporate headquarters and diversifies its sources of short-term financing. Amortization will take place by reducing the nominal amount and on a quarterly basis until 2028.
In 2016 and 2017 Solaria already registered in MARF three long-term project bond issues carried out by its subsidiaries Globasol, Puertollano 6 and Casiopea, for the refinancing of several of the photovoltaic parks operated by the company. Now, through this Promissory Note Program, you will be able to issue instruments with a maximum maturity of two years until reaching a maximum outstanding balance of 50 million euros.
Solaria Energía y Medio Ambiente has a corporate rating BBB- (positive outlook) assigned by Axesor Rating. Since its foundation in 2002, Solaria Energía y Medio Ambiente has specialized in the renewable energy sector, specifically in the implementation and development of photovoltaic solar technology. Currently the Solaria Group manages and operates 14 photovoltaic plants with a total generation capacity of 75 MW and is present in Spain, Italy, Portugal, Greece, Uruguay, Mexico and Brazil.