December 2003
Castilla-La Mancha blazes international trail
Issuer: Junto de Comunidades de Castilla-La Mancha
Size:€
100 million
Lead managers: Banco Santander Central Hispano and Merrill
Lynch
Date: Priced November 21 2003
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Castilla-La Mancha budget ebn
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Source: Castilla-La Mancha
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Spain's 17 autonomous communities, the
comunidades autónomas, haven't yet tapped the investor base beyond
their home jurisdiction as productively as some of their French,
German, or Italian regional issuer counterparts. But the central
Spanish region of Castilla-La Mancha is showing what can be done.
At the end of November it priced a €100 million, 20-year,
semi-annual, floating-rate bond, following on from a e100 million
10-year bond that was launched almost exactly a year ago.
After a successful joint pitch for last
year's deal, Banco Santander and Merrill Lynch teamed up again and
won the mandate to lead manage the 20-year bond.
Last year's bond priced at eight basis
points over Euribor, this year's came in at 11bp. That...
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