February 22, 2017 / 12:49 PM / 7 months ago

Spain launches €5bn July 2033 bond at 120bp over mid-swaps

LONDON, Feb 22 (IFR) - The Kingdom of Spain has launched a €5bn July 2033 syndicated euro bond issue at 120bp over mid-swaps, according to a lead.

The notes were initially marketed at low 120s over mid-swaps, with guidance at 121bp area over. Final order books are in excess of €14.5bn, including €2.65bn of lead manager interest.

Barclays, BBVA, HSBC, JP Morgan, NatWest Markets and Santander are leading the trade which is expected to be priced later today. JP Morgan is acting as duration manager.

Expected ratings for the 144A/Reg S Obligaciones del Estado notes are Baa2/BBB+/BBB+/AL (all stable). (Reporting by Robert Hogg, Editing by Helene Durand)

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