BBVA, along with Deutsche Bank, JP Morgan and UBS, has led the new issue of Repsol for 1,200 million euro in seven-year bonds. The interest rate was set at 2.625%, the lowest paid by a Spanish company since the Euro launch.

The excellent reception of the issue, with oversubscription exceeding 2.5 times, allowed to close the trade with a margin of 155 basis points over midswap, compared with initial guidance of 160-165.

The geographical distribution has been considered a success, with over 250 institutional investor accounts of over 25 countries. Only 4% of the issue has been placed in Spain, with emphasis on 30% of German and Austrian investors and 21% in the UK.