Spain goes big, EIB stays in the shadows

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Spain goes big, EIB stays in the shadows

February 04, 2009 12:00 am

Those making suggestions that the long-end of the market is an unfriendly place for borrowers should think again after Spain’s success in generating a huge book — Eu15bn — and printing its largest-ever single tranche bond, despite the Kingdom’s recent downgrade by Standard & Poor’s. The Eu7bn deal was priced at mid-swaps plus 90bp from early guidance of plus 85bp to 95bp, representing a new issue concession of around 25bp. The European Investment Bank however has only managed Eu2bn for its long awaited 10 year EARN despite the borrower widening the spread to mid-swaps plus 55bp from guidance of 45bp-50bp.

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