Iberdrola taps tightly, bringing deal to €1bn

16 Sep 2012

Iberdrola, the Spanish electricity company, followed the example of Telefónica today by tapping its recent €750m bond issue even before the deal had closed, soaking up excess demand in the market after a strong tightening in the underlying security.

“The lead managers all saw how much Iberdrola had tightened from when we issued the new five year at 360bp over mid-swaps, and we were able to get something done today at 295bp,” said a syndicate banker at one of the leads.

Rated Baa1/BBB+/BBB+, with negative outlooks from Fitch ...

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