Iberdrola International has entered an interest rate swap on a recent EUR100 million (USD107 million) medium-term note offering in order to achieve its target funding rate. The Spanish utility attracted French investors to the deal by offering the debt with a floating-rate coupon pegged to EONIA--the Euro Overnight Index Average. In the swap, Iberdrola is paying a Euribor-based rate and receiving EONIA plus 30 basis points, according to Pablo Llado Figuerola Ferreti, director of capital markets at Crédit Agricole Indosuez in Madrid, the swap counterparty on the transaction. Luis Carlos Martínez, communications manager at Iberdrola in Madrid, declined comment.
April 14, 2003
