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ABS

Spain to Price Electricity Tariff ABS Deal

Published Updated 1 Min Read

Fondo De Amortizacion del Deficit Electrico (FADE) has set price guidance on its two-year bond, according to a Dow Jones report.

Guidance was set in the area of 98 basis points over the Spanish government bond maturing October 2013. The deal size will be a minimum €1 billion ($1.35 billion), upsized from the initial size of €500 million.

Citigroup, Credit Agricole, Credit Suisse, Deutsche Bank, HSBC and Santander GBM are the offering’s lead managers.

FADE, guaranteed by the Kingdom of Spain, is rated ‘Aa2’ by Moody’s Investors Service, ‘AA’ by Standard & Poor’s  and ‘AA+’ by Fitch Ratings.  

It is a securitization of the country’s electricity deficit receivables from 2000 to 2009. The deal, which is issued by the FADE fund, has the full guaranty of the Spanish government and was originally slated to be issued at the end of last year.

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