Spain Joins Green Rush With Debut Sovereign Bond Sale
- 20-year bond priced six basis points above debt due Oct. 2040
- Offering is 12 times oversubscribed, over 60b euros of bids
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Spain is the latest European nation turning to a hot market for green debt as it seeks to fund projects that mitigate climate change.
The nation raised 5 billion euros ($5.9 billion) from the sale of a bond maturing in 2042 via banks Tuesday. The Treasury pulled in more than 60 billion euros of demand -- a hefty 12 times more than it offered -- after giving a so-called “Early Bird Special” that rewarded investors for placing earlier orders with a higher allocation.