Issuer: Endesa
Date: June 1998
Amount: Pta1.3 trillion ($8.9 billion)
Global coordinators: Argentaria, BBV, Dresdner Kleinwort Benson, Santander
The successful sale of the Spanish government’s remaining 41% stake in the privatized electricity company Empresa Nacional de Electricidad (Endesa), for Pta1.3 trillion ($8.9 billion), can be seen as a symbol of Spain’s economic resurgence in the late 1990s. Not only was Spain one of Europe’s best performing economies last year, it has left the rest of southern Europe standing, with the pace of its privatization programme.
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