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    Spanish Gas TSO Lands Low-rate Bond


The terms of the ten-year bond set a new record for a Spanish company and for a utility borrowing in euros.

by: William Powell

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Natural Gas & LNG News, Europe, Premium, Corporate, TSO, News By Country, Spain

Spanish Gas TSO Lands Low-rate Bond

Spanish gas transmission system operator Enagas has held a €500 ($587)mn euro bond issue maturing in 2032 and with an annual coupon of 0.375%, it said October 27. The company, which did not have significant maturities until 2022, said it took advantage of "favourable market conditions to finance itself at a historically low rate and advance refinancing."

Not only was it the lowest interest rate achieved by a Spanish company for a term of 10 years or more but it is also the lowest interest rate reached by a utility for an issue in euros for that term, it said.