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PREVIEW: Spain Inaugural Green Obli

EGB SYNDICATION
  • Spain has released a mandate for its inaugural Green Obli with a 20-year maturity (30 July 2042).
  • We expect the transaction to take place today (it has been confirmed only for "the near future").
  • We look for a size of E5-6bln. A size of E5bln would match the smallest syndication of 2021 when the 50-year 1.45% Oct-71 Obli was launched in February. E6bln would be in line with the 15-year 0.85% Jul-37 Obli that launched in April.
  • In keeping with both recent Spanish syndications and recent green EGB syndications, we expect very strong demand and for the deal to price at a premium of around 2-4bp to a non-green equivalent Obli (although we note that the closest comparable Oblis either have high coupons or maturity dates almost 2 years from the Green Obli).
  • Timing: Books for Spanish syndications through 2021 have opened between 8:00-8:30 with the spread set around 10:00-10:20. The last two syndications have launched at 11:37 and 11:13 respectively and priced at 16:23 and 15:10. Note that all of these times are UK times.

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