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Banca March mandated as arranger of new 200 million euro MARF commercial paper programme for ENCE

09 October 2023 Category: Agreements

  • The short-term fixed-income programme was registered today on the MARF.
  • Banca March has cemented its position as the leading arranger and dealer for short-term programmes in the Spanish market.
  • The ENCE programme is confirmation of the growing interest among Spanish companies in seeking alternative finance in the capital markets.

Banca March has arranged a new issuance of short-term green fixed income securities for ENCE ENERGÍA Y CELULOSA, S.A. for a maximum amount of 200 million euros. The programme has been registered today on Spain's Alternative Fixed Income Market (MARF), with Banca March acting 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. Ence 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.

Through this programme, Ence has access to a secure and flexible source of financing, which will help the Group boost its growth and diversification in its different lines of business (pulp production, renewable energy generation and sustainable forest management), fully aligned with the circular bioeconomy and the energy transition.

Banca March is now the leading bank in the Spanish short-term debt market, participating in 62 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 39 of the 108 programmes currently trading on Spain's MARF, 36% of the total, and is the dealer on 62 programmes, 57% of the total. In terms of volume, at the end of September, 42% of the outstanding market balance had been placed by Banca March's institutional distribution desk, or 1.61 billion euros out of a total of 3.855 billion euross.

Banca March provides these services on short-term fixed income programmes for 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, Record Go, Pamesa, Atlantica Sustainable, Ecoener, Agotzaina, CAF and Opdenergy. IM SUMMA, GAM, CESCE FAF and ENCE.

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