Sovereign bond of the year – Kingdom of Spain

Credit staff
06 Dec 2010

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Issuer: Spanish Treasury
Issue date: July 6, 2010
Size: €6 billion
Ratings at issue: Aaa/AA/AA+ (Moody’s/S&P/Fitch)
Maturity: October 31, 2020
Coupon: 4.85%
Spread: Mid-swaps + 195bp

Spain’s July 6 bond auction was initially seen as a turning point for the country. Despite the prevailing market volatility, the Spanish Treasury succeeded in raising €6 billion at a relatively modest coupon of 4.85%. The deal was significantly oversubscribed – the total order book quickly reached €14.5 billion – and the

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