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.
Rated Baa1/BBB+/BBB+, with negative outlooks from Fitch and Moodys, 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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