Iberdrola Finanzas SA (IBE) 2023-1

EUR1,000.000--Sr. UnsecuredBaa3BBB-BBBFixedSwaps5.75% a5.125% a-4.88%-100.00000
Tranche Comments
P NC 5.5: Book size: 3200; First Pay: 2023-07-25; Redemption: 2028-04-25; Registration: Reg S Only; Comments: EUR1bn PNC5.5 snr unsec bmk hybrid green RegS. Baa3/BBB-/BBB. Gloco BNPP(B&D)/HSBC/MUFG. Actives BBVA/BofA/IMI/Miz/Natx/Santan/Uni. IPTs 5.75% area, guidance 5.125% area for 1bn, coupon set 4.875%. Final books 3.2bn+ (peak 6.75bn+). Came MS+226.2bps / DBR 0.5 02/15/28 (92.88) + 289.1bps. Tax Call: Yes. Reset Date: 2028-07-25. Par Call: 3m. Cleanup Call: 75%. MWC: Yes at B+45. CoC: Yes - Step-up of 500bp (unless redeemed). LEI: 5493004PZNZWWBOUV388;
Deal Comments
Green Hybrid Bond
Iberdrola SA
Use of Proceeds
Refinancing of Eligible Green Projects