Madrid EUR1.25bn 0.419% Apr 30 sustainable bond

  • By Lewis McLellan
  • 20 Feb 2020
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Rating:Baa1/A-/BBB

Amount:€1.25bn Reg S only sustainable bond

Maturity:30 April, 2030

Issue/reoffer price:100

Coupon:0.419%

Spread at reoffer:14bp over the SPGB

Launched:Tuesday, February 18

Payment date:February 25

Joint books:Banco Sabadell, BBVA, Bankia, Deutsche Bank, HSBC, Santander


Borrower’s comment: 

It’s a super result. It’s the tightest spread to the Spanish treasury ever for a region, as well as the largest order book.

We had over 230 accounts in the book. We started with initial price thoughts of 20bp area, then opened books at 20bp area with more than €3.5bn of orders. We got to €6bn and set the spread at 14bp. The book closed with €7.25bn of orders. There was no pushback on yield, even though we were close to or through fair value.

Our 2029 deal was at 14bp-14.5bp in the secondary market, and we’ve extended the curve a year.

We roadshowed the deal in France, the Netherlands and Germany, and did conference calls with investors elsewhere.

The sustainable feature helped build momentum. They come in early because they want the bonds.

We’ve now raised €2.2bn of our €4.2bn programme. We will likely do another syndication later in the year.


Geographical distribution

Spain 20%

Germany/Austria 20%

France 13%

UK 11%

Benelux 11%

Switzerland 7%

Italy 7%

Nordics 6%

Other EU 2%

Other non-EU 3%


Distribution by investor type

Fund managers 45%

Banks 33%

Insurance and pension funds 14%

Central banks 5%

Other 3%


Market appraisal: 

“…really impressive. We expected it to do well, but not to get that kind of book.”

“…very good level and an incredible book.”

  • By Lewis McLellan
  • 20 Feb 2020

All International Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 92.59 388 8.96%
2 Citi 85.30 278 8.25%
3 BofA Securities 63.15 265 6.11%
4 Barclays 58.01 223 5.61%
5 Deutsche Bank 55.74 184 5.39%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 60.87 123 14.06%
2 Credit Agricole CIB 28.59 93 6.60%
3 Santander 25.41 90 5.87%
4 JPMorgan 23.88 61 5.52%
5 UniCredit 21.51 103 4.97%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 2.07 11 10.42%
2 BofA Securities 1.40 6 7.01%
3 Citi 1.37 7 6.87%
4 Morgan Stanley 1.36 6 6.85%
5 JPMorgan 1.31 7 6.59%