Ferrovial places a 500 million euro 6-year bond at a 0.375% coupon
Taking advantage of the current market conditions with low interest rates, Ferrovial has successfully priced a €500 million (US$562 million) 6-year senior bond.
The issue was priced at 52 basis points over midswap, with a coupon of 0.375%. Ferrovial will use the funds in corporate general purposes.
The order book was very diversified, and the deal was extremely well received by international investors. More than 70% of the issue was placed outside Spain, primarily in Germany and France.
The bond is eligible for the European Central Bank’s corporate sector purchase programme (CSPP), which targets qualifying investment-grade euro-denominated bonds issued by non-bank companies established in the Euro area.
Ferrovial successfully completed two €500 million 3.375% bond issues in January 2013 (5 years) and May 2013 (8 years). In 2014, it issued a €300 million (US$337 million) 10-year bond paying a 2.5% coupon.
Fitch and Standard & Poor’s maintained an investment grade rating for Ferrovial’s corporate debt: BBB, outlook stable.
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