The coupon of 0.25% is the lowest paid both by Repsol and for a European bond issuer with BBB rating. Demand has exceeded 4.8 Bn€, 6X the supply and has allowed the cost to be reduced to a mid swap +38 bp compared to the 70 bp at the beginning of the colocation. The operation has no specific objective, and will be used to deal with future debt maturations and amounts to taking advantage of an excellent moment in the market for increasing long term debt at historically low costs. Positive news both for the elevated demand and for the low financing cost. We reiterate Overweight. O.P. 19.18 €/share.