Three Spanish firms test debt appetite
MADRID, Sept 10
MADRID, Sept 10 (Reuters) - Three Spanish firms opened books on bond issues on Monday, IFR Markets reported, following corporate peers in peripheral European economies last week in seeking to take advantage of improving credit conditions.
Power firms Gas Natural and Iberdrola and BBVA - Spain's second-largest bank - were testing investor appetite, with pricing expected later in the day, said IFR, a Thomson Reuters news and markets analysis service.
BNP Paribas, Citi, Commerzbank, JP Morgan and Mitsubishi were running Iberdrola's five-year euro bond, while Gas Natural mandated Banca IMI, BBVA, Caixabank, CA CIB and RBS to lead-manage its seven-year euro benchmark issue.
Meanwhile, BBVA mandated Barclays, BBVA, Credit Agricole and Citi for a three-year senior unsecured transaction.
The deals followed successful debt issues by corporate heavyweights Santander and Telefonica last week when the premium that investors pay to hold Spanish government debt compared with German paper fell to a four-month low. (Reporting By Tracy Rucinski; Editing by Dan Lalor)
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