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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
INDS
PRCD
FERSM
Ferrovial SE€500
1EMEA
Mar 11, 2026
currency
EUR
size (m)
500.000
maturity
Sep 18, 2032
type
Fixed
tenor
6.500
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Sr. Unsecured
moody's
-
s&p
BBB
fitch
BBB
size description
Will Not Grow
re-open/tap
No
ipt
MS+115-120
ipt-pxd
-29.5
guidance
MS+90 area
spread
88
coupon
3.625%
spread set
-
price
99.78800
yield
3.665%
book size (m)
1,450
peak book (m)
1,600
x-covered
2.9
book attrition
-9.38%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
co-managers
-
coordinating managers
book size (m)
1,450
peak book (m)
1,600
x-covered
2.9
book attrition
-9.38%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
co-managers
-
coordinating managers
Tranche Comments
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
Use of Proceeds
General Corporate Purposes

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