Thursday, February 22, 2024

A&O guides the first ECA-covered bonds issue in Spain

Allen & Overy has advised Banco Santander and the pool of banks on the first syndicated issuance ever of Export Credit Agency (ECA) covered bonds of Banco Santander for a value of €500 million


Banco Santander has carried out the first issuance of internationalisation bonds in Spain with the launch of a five-year bond of €500 million.

This Banco Santander issue has registered an excess demand of €2,500 million, and nearly 100 investors have participated in the auction.

For the execution of this operation, Banco Santander proceeded to analyse for several weeks the group of potential investors that could be interested in the product. Likewise, last Monday, the entity chaired by Ana Botín developed a virtual ‘roadshow’ with 16 investors.

After verifying the interest of potential investors, Banco Santander launched this issue this past Tuesday, February 7. The entity thus becomes the leading issuer in Spain of this product, already common in the French and German markets.

The excess demand has cut the issue’s spread by seven basis points, which began with a mid-swap price plus 45 basis points. The final price was ‘mid swap’ plus 38 basis points, which implies an issue level of between five and six basis points above the price of covered bonds.

The collateral, or underlying asset of the internationalization certificates, are credits aimed at promoting the internationalization of companies backed by Export Credit Agencies (ECA).

Allen & Overy´s team involved in the transaction was formed by partners Salvador N. Ruiz Bachs and Charles Poole-Warren, senior associate Álvaro Rojo Santos, and associates Lázaro García Domínguez and Ana Garcia Puertas.

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