Deals of the Year
The Kingdom of Spain Ecu1.5 billion 11-year bond: Banco Central Hispanoamericano, Banco Santander de Negocios, Paribas, SBC Warburg
The largest euro-denominated transaction to date. The bonds have a mandatory conversion into an identical domestic government bond providing Spain joins Emu.
This novel structure and liquidity made the deal a great success, though some bankers suggest that the bond was priced too cheaply. Others argued that the deal was not driven so much by pricing but by strategy. It certainly places Spain alongside Austria and Italy as issuers of potential benchmark bonds after 1999.
Bremer Landesbank Kr1.5 billion one-year debut Euro-koruna:...
