Rating: Aa3/AA-
Amount: Eu200m
Maturity: 28 November 2035
Issue price: 99.725
Coupon: 4.025%
Launch date: Monday 21 November
Payment date: 28 November
Joint books: BSCH, Caixa Galicia, HVB, JP Morgan,
Bookrunners' comment:
This went smoothly. We were mandated after the typical bidding process that Spanish sub-sovereigns go through and then marketed the deal quickly, having sounded out some investors before bidding.
We had Eu50m each and that was not difficult to fill. There was demand from banks, mainly in Germany, including mortgage banks and we sold paper to a limited number of accounts.
The bonds were sold at 3bp over mid-swaps, which was the all-in. That was not particularly cheap, but there are always some accounts looking for this kind of paper and Galicia offers some diversification.
