Fade fights back from deal flop
Fondo de Amortización del Déficit Eléctrico (Fade) sold a private tap of a syndicated deal on Wednesday after it failed to sell a new benchmark earlier in the week. Meanwhile, Instituto de Crédito Oficial (Ico) cemented its position as the leading Spanish agency by issuing a €1.5bn six year bond at 62bp over Bonos, highlighting Fade’s earlier failure to gain investor support for a four year bond to be priced at 70bp over Spain.
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