Loan market exacts toll on Iberdrola for sovereign panic

Spanish utility Iberdrola has been forced to woo lenders with sweetened pricing while similarly rated credits from other European jurisdictions enjoy sharply tighter levels as heightened sovereign debt worries cast a long shadow over Spanish corporate names.

  • 25 Jun 2010

Iberdrola, Europe’s largest utility and rated A3/A-/A-, is paying an initial margin of 75bp for a Eu2bn self-arranged five year facility, it was revealed this week.

This is more than the 60bp being offered on a similar five year deal from similarly rated French supermarket chain Carrefour.

"There is ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 15.35
2 Rabobank 14.41
3 Morgan Stanley 11.73
4 Barclays 8.99
5 Credit Agricole 7.57

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
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1 Wells Fargo Securities 11,897.40 33 11.83%
2 Bank of America Merrill Lynch 9,837.56 29 9.78%
3 Citi 9,714.54 32 9.66%
4 JPMorgan 7,997.38 24 7.95%
5 Credit Suisse 6,335.67 14 6.30%