Repsol ready to test wholesale markets

MADRID | The Spanish press today echoes Repsol’s move, which has started sounding out investors to carry out a debt issuance after the relief brought by the drop to below the 350 b.p. in the Spanish risk premium.

“BBVA was the last Spanish firm that issued debt on the wholesale market. On October 28, the second major Spanish bank placed €750 million in senior debt at 18 months at a price of 250 basis point over midswap.

“This morning, Repsol, while the Spanish bond risk premium at 10 years is at about 340 basis points, started to sound out institutional investors to eventually carry out a debt placement.

“The oil company could issue a bond sale in euros after the presentation, which BBVA, BNP Paribas, Citigroup, Caixabank, Deutsche Bank and JP Morgan are organising.”

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