Iberdrola Finanzas SAU (IBESM)

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Iberdrola Finanzas SAU (IBESM)

C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	UTIL	PRCD	IBESM	Iberdrola Finanzas SAU	€1,500		2	EMEA	Jun 16, 2026

Tranche #1Iberdrola Finanzas SAU

currency

EUR

size (m)

750.000

maturity

Jun 25, 2030

type

Fixed

tenor

4.000

call

registration

Reg S Only

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Baa1

s&p

BBB+

fitch

A-

size description

re-open/tap

ipt

MS+70-75 area

ipt-pxd

-32.5

guidance

n/a - straight to launch

spread

coupon

3.125%

spread set

price

99.83300

yield

3.17%

book size (m)

1,650

peak book (m)

2,200

x-covered

2.2

book attrition

-25.00%

nic

billing & delivering

active leads

,,,,

joint leads

passive leads

,,,

co-managers

coordinating managers

book size (m)

1,650

peak book (m)

2,200

x-covered

2.2

book attrition

-25.00%

nic

billing & delivering

active leads

,,,,

joint leads

passive leads

,,,

co-managers

coordinating managers

Tranche #2Iberdrola Finanzas SAU

currency

EUR

size (m)

750.000

maturity

Jun 25, 2036

type

Fixed

tenor

10.000

call

registration

Reg S Only

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Baa1

s&p

BBB+

fitch

A-

size description

re-open/tap

ipt

MS+110-115 area

ipt-pxd

-32.5

guidance

n/a - straight to launch

spread

coupon

3.75%

spread set

price

99.70500

yield

3.786%

book size (m)

2,000

peak book (m)

2,600

x-covered

2.67

book attrition

-23.08%

nic

billing & delivering

active leads

,,,,

joint leads

passive leads

,,,

co-managers

coordinating managers

book size (m)

2,000

peak book (m)

2,600

x-covered

2.67

book attrition

-23.08%

nic

billing & delivering

active leads

,,,,

joint leads

passive leads

,,,

co-managers

coordinating managers

Tranche Comments

Book size: 1650; First Pay: 2027-06-25; Registration: Reg S Only; Comments: +55.6bp vs OBL 2.4 04/18/2030 #191 @99.225 / 2.614% (HR: 103%). Par Call: 3m. MWC: B+10. CoC: Yes. Clean-Up Call: 75%. LEI: 5493004PZNZWWBOUV388; Book size: 2000; First Pay: 2027-06-25; Registration: Reg S Only; Comments: +84.5bp vs DBR 2.9 02/15/2036 @99.645 / 2.941% (HR: 99%). Par Call: 3m. MWC: B+15. CoC: Yes. Clean-Up Call: 75%. LEI: 5493004PZNZWWBOUV388;

Guarantor(s)

Iberdrola SA

Use of Proceeds

The net proceeds will be fully allocated to activities that are 100% environmentally sustainable under Article 3 of Regulation (EU) 2020/852, as detailed in the Issuer’s European Green Bond Factsheet

Relative Value

Green / EuGB
4yr (June 2030) @ MS+70 to +75 area

Implied Spread for fresh 4yr @ MS+35

Priced at MS+40
NIC of +5

Green / EuGB
10yr (June 2036) @ MS+110 to +115 area

Implied Spread for fresh 10yr @ MS+84

Priced at MS+80
NIC of +4

COMPS
Indicative pre-announcement bid-side levels vs. I-spd
IBESM	Baa1 / BBB+ / A-	3.13%	EUR 750m	Nov-28	15
IBESM	Baa1 / BBB+ / A-	1.62%	EUR 735m	Nov-29	30
IBESM	Baa1 / BBB+ / A-	3.00%	EUR 750m	Sep-31	43
IBESM	Baa1 / BBB+ / A-	1.38%	EUR 1000m	Mar-32	51
IBESM	Baa1 / BBB+ / A-	3.38%	EUR 750m	Nov-32	54
IBESM	Baa1 / BBB+ / A-	3.63%	EUR 850m	Jul-33	57
IBESM	Baa1 / BBB+ / A-	3.63%	EUR 750m	Jul-34	63
IBESM	Baa1 / BBB+ / A-	3.50%	EUR 750m	May-35	68
IBESM	Baa1 / BBB+ / A-	3.38%	EUR 750m	Sep-35	73

Hide Details

CreditFlow: End of Day (Europe IG)	Jun 16, 2026

Jun 16, 2026

1 to 1 of 1

	PRICED: Iberdrola Finanzas €1.5bn 4yr & 10yr EuGB Sr Unsec; MS+40bp & MS+80bp	Jun 16, 2026
	ALLOCATIONS OUT: Iberdrola Finanzas €1.5bn 4yr & 10yr EuGB Sr Unsec; MS+40 & MS+80	Jun 16, 2026
	LAUNCHED: Iberdrola Finanzas €1.5bn 4yr & 10yr EuGB Sr Unsec; MS+40bp & MS+80bp	Jun 16, 2026
	NEW ISSUE: Iberdrola Finanzas € bmk 4yr & 10yr EuGB Sr Unsec; MS+70/75a & MS+110/115a	Jun 16, 2026

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Iberdrola Finanzas SAU (IBESM)

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