Spanish power company Iberdrola SA (IBDRY) has tightened price guidance on its planned two-part, euro-denominated benchmark bond issue, a person familiar with the situation said Wednesday.
Guidance on the five-year, EUR1 billion portion of the deal has been tightened to 83 basis points over mid-swaps, from between 85 and 90 basis points over mid-swaps, the person said.
The 10-year, EUR750 million portion of the deal will price at 110 basis points over mid-swaps, after initial guidance was set in the area of 115 basis points over mid-swaps Tuesday.
Lead managers of the transaction are Barclays and ABN/Royal Bank of Scotland.