Madrid gets biggest book and tightest spread with sustainable bond

By Lewis McLellan
18 Feb 2020

Madrid hit the market with a 10 year sustainable bond on Tuesday, raising €1.25bn at its tightest ever spread to the Spanish sovereign, selling into its largest ever book.

Banco Sabadell, BBVA, Bankia, Deutsche BankHSBC and Santander ran the books. The leads offered initial price thoughts of 20bp area over the Spanish government bond curve. The indications of interest exceeded €3.5bn, allowing the leads to set price guidance at 17bp area.

The book continued to grow, reaching €6bn before ...

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