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Ferrovial reaches first stop on capital markets line with sharply priced €500m

Ferrovial, the Spanish infrastructure and construction group that owns London’s Heathrow Airport, made its bond market debut on Friday January 18 in fine style, with a heavily oversubscribed €500m bond that was priced 25bp tighter than the lead managers’ initial target.

  • 25 Jan 2013

Rated BBB-/BBB-, Ferrovial is one of the larger Spanish companies not to have used the bond market directly before, though its subsidiary BAA (now Heathrow Airport) is one of the UK’s largest corporate issuers.

As a Spanish construction company making its debut, Ferrovial was a challenging issuer to bring ...

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Rank Lead Manager Amount $m No of issues Share %
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1 Bank of America Merrill Lynch 111,770.68 471 6.03%
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1 BNP Paribas 24,034.59 107 8.75%
2 Deutsche Bank 20,330.35 73 7.40%
3 SG Corporate & Investment Banking 19,058.39 89 6.93%
4 UniCredit 15,521.61 71 5.65%
5 HSBC 14,299.09 80 5.20%

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1 Goldman Sachs 4,861.86 36 7.33%
2 BNP Paribas 4,648.08 55 7.01%
3 Deutsche Bank 4,245.09 42 6.40%
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1 JPMorgan 19,016.51 146 10.22%
2 Goldman Sachs 14,082.73 99 7.57%
3 Credit Suisse 13,243.20 94 7.12%
4 Bank of America Merrill Lynch 12,775.52 117 6.87%
5 Citi 12,347.90 105 6.64%

Bookrunners of European Corporate IG Bonds

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1 HSBC 25,998.97 110 6.18%
2 BNP Paribas 24,179.70 104 5.75%
3 Barclays 24,153.71 85 5.74%
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5 Citi 21,968.90 89 5.23%