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AIAF, BME’S Fixed Income Market, today admitted to trading a new issue by Bankinter, which was made in two tranches with bonds secured by the Spanish government and denominated in yen, for the amount of ¥71.90 bn, thus becoming the first issue denominated in currencies other than the euro that is listed on the Spanish Fixed Income Market.
The first tranche of the issue amounts to ¥35.40 bn and a 1.223% fixed rate. The second tranche is floating rate, three-month JPY Libor plus a 62 basis-point spread and the volume is ¥ 36.50 bn.
In both cases the nominal amount per unit is ¥100 million, the maturity is three years and the rating given is AAA, by Fitch and Moody’s and AA+ by Standard & Poor’s, the same rating as that given to Spain as the issue is secured by the Spanish government. Citibank and Nomura act as the underwriters and insurers of both issues.
Since 2007 AIAF has offered the option to make issues denominated in foreign currency - specifically in dollar, pound sterling, Swiss franc and yen, which account for 85% of issues denominated in foreign currencies made by Spanish issuers.
“The favourable conditions contained in the Government’s guarantee together with a trend towards a greater ease and openness of the credit market may encourage other issuers to use this formula, which allows a greater diversification of financing sources as well as the search for new investors”, said Julio Alcántara, AIAF’s Managing Director.
