FADE stages impressive comeback into Spanish rally

30 Nov 2012

FADE’s daring dive into the capital markets after being locked out of the market for a year paid off handsomely this week. Lead managers Barclays, BBVA, Crédit Agricole and Santander received orders of well over €2.5bn for the three year bond, comfortably justifying a €1.75bn print and a 10bp tightening from initial price guidance.

The impressive outperformance of Spanish government spreads over the last week set the scene for the comeback deal.

FADE has tried to issue public deals twice this year but failed on both occasions. In January it pulled a four year deal, which was marketed at 70bp over Bonos via ...

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