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SecuritizationCLOs-CDOs

Spanish lenders feel the pinch on deals with ‘international pricing’

Iberdrola’s Eu3bn five year refinancing has this week highlighted the gulf between the fortunes of the top Spanish corporate borrowers and the country’s smaller financial institutions. Only three Spanish banks joined the transaction in syndication as the utility’s domestic lenders struggled to participate in a facility that is priced far below their own funding costs.

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