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.
Iberdrola, Europes 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.
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