Spain gears up for U.S. debt investor meetings - sources
LONDON, Feb 7 (IFR) - The Spanish government will meet U.S. investors next week on a roadshow arranged by Citi and Deutsche Bank, in a bid to attract stronger demand from the region, market sources say.
The eurozone peripheral sovereign, rated Baa3/BBB-/BBB, is preparing the "non-deal roadshow", hoping to build on the momentum from a bumper EUR7bn 10-year syndicated bond issue two weeks ago and a better-than-expected EUR4.6bn auction on Thursday.
Spain has already made strong progress towards its EUR120bn debt-raising target for 2013, and has started to see renewed interest from international investors.
Sixty percent of its recent 10-year issue, which was its first syndication in nearly a year, was sold to international investors.
However, only 3% of the bond was placed with investors in the US, one of the largest fixed income investor communities in the world.
These investors will no doubt quiz Spain over the political uncertainty caused through a corruption scandal centred around Spanish Prime Minister Mariano Rajoy, and his government's plans to reduce public debt.