Iberian corporates make their comeback

January 26, 2011 12:00 AM

Europe’s sleepy corporate bond market burst into life this week, with six borrowers printing benchmarks on Monday and Tuesday. Among them were the first Spanish deals — from Telefónica and Iberdrola — since October and a Eu750m note from Energias de Portugal. All three were heavily oversubscribed, Telefónica raising over Eu10bn of orders for its five year bond. More supply is due on Wednesday, with Spain’s Gas Natural having launched a benchmark six year deal, which Bankers expect it to be similarly popular. Read EuroWeek on Friday to find out why.

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