FADE snaps up €1.75bn as Spanish rally creates window

FADE’s daring dive into the capital markets after more than a year’s absence has paid off handsomely. Lead managers Barclays, BBVA, Crédit Agricole and Santander received orders of well over €2.5bn, comfortably justifying a €1.75bn three year print and 10bp tightening from initial price guidance.