Iberdrola taps tightly, bringing deal to €1bn

Iberdrola, the Spanish electricity company, followed the recent example of Telefónica by tapping its recent €750m bond issue on Monday even before the deal had settled, soaking up excess demand in the market after a strong tightening in the underlying security. "The lead managers all saw how much Iberdrola had tightened from when we issued the new five year at 360bp over mid-swaps, and we were able to get something done today at 295bp," said a syndicate banker at one of the leads.

  • 21 Sep 2012

Rated Baa1/BBB+/BBB+, with negative outlooks from Fitch and Moody’s, Iberdrola remains one of the better rated peripheral national champion borrowers.

On Monday September 10, global co-ordinators BNP Paribas, Citigroup, Commerzbank, JP Morgan and Mitsubishi UFJ Securities placed a five year bond for Iberdrola that grew to €750m and was ...

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5 Barclays 15,537.71 103 6.98%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Deutsche Bank 20,529.33 63 6.93%
2 HSBC 19,637.33 84 6.63%
3 BNP Paribas 19,346.82 88 6.53%
4 Barclays 19,276.49 80 6.51%
5 Citi 17,718.43 69 5.98%