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Banca March coordinates a new €50 million sustainability-linked commercial paper programme on the MARF for General Alquiler de Maquinaria (GAM)

09 February 2023 Category: Banca March

  • The short-term fixed-income programme was registered on the MARF on the 2nd of February.
  • By linking its commercial paper programme to sustainability criteria, GAM commits to meeting specific 2023 targets to use of a certain proportion of electric machinery and vehicles and to deliver a certain number of employee training hours.
  • Banca March has successfully cemented its position as the leading arranger and dealer for short-term programmes in the Spanish market.
  • The GAM programme is confirmation of the growing interest among Spanish companies in seeking alternative finance in the capital markets.

Banca March has arranged a short-term fixed income programme worth a maximum of €50 million for General Alquiler de Maquinaria (GAM). The programme was registered on 2 February on the Alternative Fixed Income Market (MARF), with Banca March to act as arranger, paying agent and dealer.

The securities issued will be denominated in euros and may have different maturity dates of up to 24 months. GAM will use this programme as an alternative to bank financing. This programme evidences the growing interest among Spanish companies in securing alternative finance in the capital markets.

Banca March is now the leading bank in the Spanish short-term debt market, participating in 58 programmes for Spanish issuers on the MARF and the Irish Stock Exchange. For most of these transactions, the bank has undertaken all three of the key commercial paper market roles: arranger, agent bank and dealer.

Banca March is the arranger for 34 of the 90 programmes currently trading on Spain's MARF, 38% of the total, and is the dealer on 50 of those, accounting for 57% of the total. In terms of volume, at the end of 2022, 50% of the outstanding market balance had been placed by Banca March's institutional distribution desk, accounting for €1.76 billion out of a total of €3.55 billion.

To date, Banca March has provided services on the following programmes: Elecnor, Tubacex, DS Smith Spain, Barceló, Acciona, IM Fortia 1, Gestamp, Fluidra, Ulma, Sacyr, Euskaltel, Viesgo, Grupo Jorge, TSK, Cie Automotive, Coren, Pryconsa, Sidenor, Sorigué, Abertis, Insur, Urbaser, Ormazabal, Cellnex, Maxam, FCC, Meliá, Vidrala, Grupo Gransolar, FCC Servicios Medioambiente, Técnicas Reunidas, Cementos Molins, Ultracongelados Virto, Teknia, Nexus Energía, Cobra, Audax Renovables, García Munté Energía, Ontime, Amper, Acciona Energía, Zener Encitel, Masmóvil, Avatel, Greenalia, La Sirena, Grupo Ortiz, Network Steel, Alquiber, Aludium, Arteche, Record Go, Pamesa, Atlantica Sustainable, Ecoener, CAF, Agotzaina, OPDEnergy and GAM.

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