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Commentary & Deal Flow

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by Jp Albin

May 27, 2026 4:18 AM ET

UPDATE: Kingdom of Spain € bmk 10yr Sr Unsec; Spread set at SPGB+6bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	Guidance	Spread Set
Kingdom of Spain	10yr	31-Oct-36	bmk	Sr Unsec	Fixed	SPGB+8a	SPGB+6

Spread set at: 10yr: SPGB+6bp - Order book in excess of €130bn (incl. €6.25bn JLM interest)
Guidance: 10yr: SPGB+8a

Issuer: The Kingdom of Spain
Issuer Ratings: A3/A+/A/AH/A (Moody's/S&P/Fitch/DBRS/Scope)
Format: Obligaciones del Estado (in dematerialised book entry form), Reg S Cat 1, 144A eligible, CACs
Size: € Benchmark
Maturity: 31-Oct-36
Settlement: 03-Jun-26 (T+5)
Coupon: Fixed, annual ACT/ACT, short first to 31-Oct-2026
Spread: SPGB 3.3 30-Apr-36 (mid) + 6bps
Denom/Listing/Law: €1k+1k / Madrid (AIAF Mercado Renta Fija) / Spanish Law
Docs: Exempt from prospectus requirements in Spain. Spanish public debt tax regime. No events of default. No tax gross-up.
Target market: Retail / Professional / Eligible Counterparties (all distribution channels)
ISIN: ES0000012S22
Bookrunners: BBVA, Citi (B&D/DM), DB, MS, Santander, SocGen
Timing: Books open, today's business. Books to close at 10:45 CET / 09:45 UKT.