Commentary & Deal Flow

The Basque Government (country: ES), rated A2/AA-/A+ (Moody's/S&P/Fitch; all stable), has mandated BBVA and Kutxabank Investment as Global Coordinators, and BBVA, Banco Sabadell, CaixaBank, Deutsche Bank, ING, Kutxabank Investment, and Santander as Joint Bookrunners for a new Euro-denominated bond offering.

An expected €500m (WNG), Long 9yr Senior Unsecured bond will be launched and priced in the near future, subject to market conditions.

• Maturity: 31-Oct-35
• Expected Issue Ratings: A2/A+ (Moody's/Fitch)
• Documentation: Domestic documentation
• Stabilisation: FCA/ICMA stabilisation
• Target Market: Professionals and eligible counterparties (all channels for distribution), each as defined in MIFID II.
• Investor Presentation: https://www.euskadi.eus/contenidos/informacion/deuda_informacion_general/es_2333/Presentacion-BASQUE-COUNTRY.pdf