Madrid ratchets in spread

Spain flag 2 PA 230 x150
By Lewis McLellan
20 Feb 2020

Two SSA borrowers hit screens on Wednesday with green euro benchmarks, following a successful outing by Madrid, which saw the bond’s sustainability feature driving the spread to the tightest achieved at reoffer by a Spanish region.

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

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