Book size: 1450; Registration: Reg S Only; Comments: EUR500m 6.5yr cpn fxd 3.625% at 99.788, yld 3.665%. Spread: MS+88bps. DBR 1.7 08/15/32 (94.320 bid) + 99.2 bps | HR 101%. Par Call: 3m. MWC: B+15. Clean up Call: 80%. CoC: Yes. LEI: 72450022R2ZFL41Y6I04;
Deal Comments
Reoffer: MS+88bp / 99.788 / 3.665%
Benchmark: DBR 1.7 15-Aug-32 (94.320 bid) + 99.2 bps | HR 101%
Final Books: ~c.€1.45bn
Launched: €500m @ MS+88bp
Guidance: MS+90a - Books above €1.6bn (pre-rec)
IPTs: MS+115/120bp
Issuer: Ferrovial SE (Ticker: FERSM)
LEI Code: 72450022R2ZFL41Y6I04
Security: Senior Unsecured Notes
Form of the Notes: Reg S, Bearer, NGN
Issuer Ratings: BBB (stable) by S&P and BBB (stable) by Fitch
Exp. Issue Ratings: BBB/BBB (S&P/Fitch)
Amount: €500m
Trade Date: 11-Mar-26
Settlement Date: 18-Mar-26 (T+5)
Maturity Date: 18-Sep-32
Re-offer: MS+88bp / 99.788 / 3.665%
Benchmark: DBR 1.7 15-Aug-32 (94.320 bid) + 99.2 bps | HR 101%
Coupon: 3.625% Fixed, Annual, Actual / Actual (ICMA), Short First Coupon
Business Day Convention: T2
Listing and Admission to Trading: Euronext Dublin – Regulated Market
Denominations: €100k x €1k
ISIN / Common Code: XS3299555246 / 329955524
Documentation: Prospectus Standalone
Governing Law: English Law
Clearing: Euroclear and Clearstream Luxembourg
Issuer Call Options: 3-month par Call / Make Whole Call (B+15) / Clean up Call at 80% as per the Terms and Conditions of the Notes
Investor Put Options: Change of Control as per the Terms and Conditions of the Notes
Target Market: Manufacturer target market (EU MiFID II product governance and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the UK
Use of Proceeds: General Corporate Purposes
Selling Restrictions: US Regulation S, Category 2. TEFRA D applicable, EEA (including Spain), UK
Advertisement: The Prospectus, when published, will be available on the website of the Euronext Dublin (https://live.euronext.com/) and on Ferrovial’s website (https://www.ferrovial.com/en/ir-shareholders/stock-information/debt-issuances-rating/debt-issuances/)
Sole Global Coordinator: Barclays
Joint Bookrunners (Active): Barclays (B&D), BofA Securities, BBVA, CaixaBank, Crédit Agricole CIB, ING, RBC Capital Markets, Societe Generale
Joint Bookrunners (Passive): HSBC, J.P. Morgan, Natixis, Scotiabank
Timing: ToE 16h07 UKT | FTT 16h30 UKT / 17h30 CET