The market is welcoming moves by Spanish companies to leverage their momentum and turn to the international capital market.

This week, two more issuers have chosen BBVA to turn to the market: Ferrovial and Iberdrola.

Ferrovial is leveraging its recent rating upgrade by S&P to launch an 8-year issue of €500 Mn in an area of the curve which had strong demand. The strategy's success was shown by the oversubscription by 6 times, which allowed for lowering the price from the initial level of 215 basis points to 200 basis points over the midswap.

Iberdrola was in the same area of the curve, having turned to the market with a 7-year issue worth €600 Mn at an initial price of 165 basis points over the benchmark curve that ultimately stood at 158 basis points after oversubscription by 3 times.

Both issues were mainly backed by investment funds (more than 60% in both cases) and insurance companies (17% in Ferrovial and 14% in Iberdrola).

With regard to geographic diversification, the two Spanish companies were broadly received in the market, with investors from more than 20 countries participating in the issue. In the case of Ferrovial, the United Kingdom held the largest weight, with 25%, along with Germany and Austria, whereas only 8% was held by Spain. Germany and Austria led the demand for Iberdrola, with 23%, followed by France with 20% and Spain with 18%.

With this new issue, BBVA Corporate & Investment Banking underscores its support for its customers all over the world and its outstanding capacity for performing in capital markets.