Commentary & Deal Flow

The Kingdom of Spain, rated A3/A+/A/AH/A (Moody's/S&P/Fitch/DBRS/Scope), has mandated BBVA, Citi, Deutsche Bank, Morgan Stanley, Santander and Societe Generale for a new Obligacion del Estado syndicated 10-year Euro benchmark maturing on 31-Oct-36.

The transaction will be launched in the near future, subject to market conditions.

• Syndicate: All remaining primary dealers in the Kingdom of Spain government bond market will be invited into the syndicate.
• Format: Reg S Cat1, 144A eligible.
• Features: The issue will contain CACs.
• Listing: Madrid (AIAF Mercado Renta Fija).
• Stabilisation: FCA/ICMA.
• Target Market: Eligible counterparties, professionals and retail (all channels for distribution), each as defined in MiFID II/MiFIR.