Spain’s Mapfre said it concluded a €1 billion [$1.284 billion] debt issuance of senior notes with a fixed coupon of 5.125 percent, issued at par, which the company said, was 3.7 times oversubscribed, despite a “challenging credit market environment.”
The company said more than 80 percent of the issue was placed with leading foreign fixed income investors. The issuance was placed in more than 24 countries, and in particular the UK & Ireland (32 percent), Spain (19 percent), France (14 percent) and Germany & Austria (12 percent).
The company said the proceeds of the issuance will be used to diversify funding sources, and thus further increase its liquidity levels and financial flexibility.
These bonds will be listed on the AIAF Fixed Income Market, subject to authorization by the Comisión Nacional del Mercado de Valores, Spain’s national commission for the securities market).
Source: Mapfre
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