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FADE EUR Benchmark 5-Year -.......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: FADE EUR Benchmark 5-Year - Books open Guidance SPGBs+18 bps
area
Issuer: FADE (Fondo de Amortizacion del Deficit Electrico)
Exp Issue Rating: A (stb)/A- (stb) (S&P/Fitch)
Status: Explicitly guaranteed by Kindgdom of Spain - 0% RW in Spain
Size: benchmark
Maturity: 17-Sept-2025
Coupon: Fixed, Annual, ACT/ACT, short first to 17-Sept-2020
Guidance: SPGBs+18 bps area(using MID SPGB 4.65% 07/25 & SPGB 2.15% 10/25)
Bookrunners: BBVA, CACIB, J.P.MORGAN(B&D), SANTANDER
Timing: Books open, today's business
- From market source

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