August 21, 2012 / 3:07 PM / 5 years ago

Santander breaks six-month Spanish senior funding drought

LONDON, Aug 21 (IFR) - Banco Santander, rated Baa2/A-/BBB+, priced the first senior unsecured public bond issue from a Spanish bank in six months on Tuesday afternoon.

The Spanish lender offered investors a 4.375% coupon for a two-year senior unsecured bond that priced at 390bp over mid-swaps with Banco Santander, CA CIB, Deutsche Bank, Natixis acting as lead managers.

The deal was initially marketed at 395bp area over mid-swaps but guidance was tightened by 5bp on the back of a EUR3bn book. It is the first Spanish senior issue since a EUR1bn five-year trade priced in March by the same issuer. (Reporting By Aimee Donnellan, Editing by Helene Durand)

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