Iberdrola placed a US$ 2 billion bond issue in two US$ 1 billion tranches of five and 10 years in the US market.
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The issue, which met US$ 6.6 billion in demand, more than triple the initial offering, was placed with 180 new qualified institutional investors, thereby expanding Iberdrola’s investor base. It also strengthens the company’s finances and increases liquidity to around/above €11 billion, enough to meet funding needs for 2009 and 2010. It follows other capital market issues by Iberdrola over the past two years totalling €7.5 billion, as a result of which the average life of its debt has risen to above 6 years.
