BBVA leads the new issue of AbertisOctober 17, 2012
On the back of the good market tone after Moody's affirmed Spain's rating in Baa3, Abertis made a swift approach to the markets announcing a new Eur 750m 7 year transaction.
With a 5 times oversubscription, the strength of the book allowed Abertis to tighten the price to 4.825%, which represents a 10-15bp new issue premium over its secondary curve.
More than 360 investors participated in the deal, with a great diversification and strong international demand from the UK (29%) and Germany (20%), followed by Iberia (13%) and France (9%).
The excellent quality of the order book is reflected in the high participaton of real money accounts, like fund managers who accounted for 71% of demand.
Terms and conditions
Issuer: Abertis Infraestructuras, S.A.
Amount: (€) 750,000,000
Active Bookrunners: Barclays / BBVA / CaixaBank / Goldman Sachs / Morgan Stanley / Natixis / RBS
Issue date: 25 October 2012
Maturity: 25 October 2019
Reoffer Price: 99.563%
Reoffer Spread: 340 bp vs. Mid Swap Euro
Listing AIAF – Mercado de Renta Fija
Abertis is an international group which manages mobility and telecommunications infrastructures through three business areas: tollroads, telecommunications infrastructures and airports.