BBVA acted as bookrunner on the 2,000 Mn Euro syndicated loan used by energy company Iberdrola to refinance its debt. This is the first operation by a southern European company with an initial margin of less than 100 basis points since 2011.

The operation's due date is 2018 and it closed with a margin of 90 basis points, arousing the interest of 17 companies that submitted orders totaling 3,000 Mn Euro, a 50% oversubscription.

In addition to its assistance with the syndicated loan, BBVA also acted as sole Coordinator and Agent.

The new operation consolidates BBVA Corporate & Investment Banking's leadership of the southern European market, where it has secured client confidence in its strategic corporate finance decision-making.