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.
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