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 Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 3,319 10 12.84
2 Citi 2,562 6 9.92
3 Goldman Sachs 2,150 3 8.32
4 Credit Suisse 1,822 6 7.05
5 Societe Generale 1,814 4 7.02

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Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 May 2017
1 Citi 41,255.30 117 12.99%
2 Bank of America Merrill Lynch 37,631.92 109 11.85%
3 Wells Fargo Securities 32,082.26 89 10.11%
4 JPMorgan 20,969.41 64 6.60%
5 Credit Suisse 16,754.47 44 5.28%