January 18, 2012 / 9:53 AM / 9 years ago

Spain's ICO plans returns to public market

LONDON, Jan 18 (IFR) - Instituto de Credito Oficial (ICO) has mandated Barclays Capital, Bankia, BBVA and CA CIB to lead manage its first benchmark issue since July 1, 2011, when it sold a EUR1bn 3-year.

The A1/A/AA- rated Spanish government agency, which has an explicit guarantee, opened books for a new five-year transaction this morning, with price guidance set at SPGB 3.8% 01/17 mid swap plus 70bp area.

The transaction will provide a test of investors’ appetite for Spanish government risk after S&P’s downgrade last week. Spain successfully raised EUR10bn via auction earlier in the week.

Reporting by Helene Durand, Editing by Alex Chambers

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