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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 JPMorgan 92,027.71 455 5.79%
2 Citi 84,340.05 432 5.31%
3 Bank of America Merrill Lynch 82,050.59 418 5.16%
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1 Barclays 20,742.43 55 8.42%
2 BNP Paribas 16,618.78 95 6.75%
3 SG Corporate & Investment Banking 15,444.68 68 6.27%
4 Deutsche Bank 15,422.56 75 6.26%
5 Bank of America Merrill Lynch 14,210.20 46 5.77%

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2 JPMorgan 3,649.83 29 7.08%
3 Deutsche Bank 3,638.27 22 7.05%
4 Barclays 3,441.80 22 6.67%
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1 Citi 18,847.11 143 9.43%
2 JPMorgan 18,279.02 147 9.15%
3 Goldman Sachs 14,831.56 109 7.42%
4 Bank of America Merrill Lynch 14,255.85 117 7.13%
5 Morgan Stanley 12,912.93 86 6.46%

Bookrunners of European Corporate IG Bonds

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1 BNP Paribas 16,729.40 94 5.70%
2 SG Corporate & Investment Banking 15,447.25 71 5.26%
3 Barclays 15,378.47 64 5.24%
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