UPDATE 1-Grifols to issue $600 mln in bonds in US

* Blood plasma ground to issue 7-, 10-, 12-yr bonds

* Analyst sees placement as conservative

(Adds comment, share price)

MADRID, Sept 29 (Reuters) - Spanish blood plasma company Grifols (GRLS.MC) said on Tuesday that its U.S. unit is completing the issue and private placement of $600 million in seven-, ten- and 12-year bonds.

According to U.S. website privateplacementletter.com, the deal is being handled by Nomura Securities and BBVA and is one of the largest private placements to hit the U.S. market this year.

BPI analysts said the pricing of the issue was in line with market conditions but said it looked like a very conservative move, noting that the amount exceeds Grifol's financing needs.

"We see this as a strange move and may indicate that Grifols intends to accelerate its capex plan and/or undertake larger than expected acquisitions, including in diagnostics or hospitals," BPI analysts said in a note.

By 1331 GMT, Grifols shares were down 0.15 percent to 13.17 euros, while Spain's Ibex-35 blue-chip index was unchanged.

(Reporting by Jonathan Gleave, Tracy Rucinski; ; Editing by David Cowell)