Spanish utility Iberdrola (IBDRY) is to price a EUR400 million tap of its EUR600 million bond maturing January 2016, one of the banks running the deal said Wednesday.

The tap will price at 298 basis points over midswaps, tighter than initial guidance of 300-310 basis points.

Bayern LB, Deutsche Bank AG, JPMorgan Chase & Co. and Santander are lead managers of the sale.

The issuer is rated A3 by Moody's Investors Service Inc. and A- by Standard & Poor's Corp.

Iberdrola is the second Spanish corporate to sell debt this year after Repsol YPF SA (REP.MC) priced a EUR750 million, seven-year bond last week.

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