Spain is likely to open its order books for...>

SPAIN: Spain is likely to open its order books for its new syndicated 15-year

benchmark maturing on 30 Nov 2033.

- The mandate announced Monday noted the transaction will be launched in the

near future subject to market conditions.

- Most strategists expect size of the issue to between E3.5-/E4bln. 

- Antoine Bouvet and Peter Chatwell at Mizuho International expects E3.5bn

because "this was the size of the Nov30 SPGBei syndication 3 years ago, I think

there is upside risk to that because the improvement in sentiment since last

week (towards Italy) and because we don't expect any other long-end

syndication." 

- This is the 2nd syndicated linker sale from Spain this year, having launched a

new 10-year SPGB for E5bln in April.

- Spain has so far sold E99.5bln worth of bonds YTD or 80% of planned issuance,

according to MNI calculations.

- LEADS: BNP Paribas, Credit Agricole CIB, Goldman Sachs International Bank,

J.P. Morgan, Morgan Stanley and SG CIB.