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01 December 2005

Debt in the Spanish roads market is even more tightly priced than last year despite a prospective wave of refinancings and regional shadow tolls. But what Spanish lenders structure at home looks set to be replicated abroad at higher margins. By Sean Keating.

Read more: [PPP] [BOT] [PFI] [Toll road projects] [DBFO]

Love or hate the pricing, but syndication of Phase 1 of Madrid's flagship ringroad project, Calle 30, closed on 13 December with 14 banks, including the mandated lead arrangers, participating.

At 35bp over Euribor – the average pricing across both A and B tranches – the deal was expected to have trouble finding takers. It did not. Joining mandated lead arrangers Caja Madrid, Societe Generale and Dexia Sabadell are: Instituto de Credito Oficial (also mandated lead arranger on tranche A only); joint lead arrangers BBVA, La Caixa, Bank Nederlandse Gemeenten and Banca OPI; Helaba with lead arranger status; and at arranger level Caixa Galicia, Lloyds TSB, Caixa Catalunya, IKB Deutsche Industriebank, and Ibercaja.

The total project cost is around Eu4.5 billion ($5.4 billion) in two phases – Phase 1 funding the southern ring and Phase 2 the northern. If the project is fully realised it will set a new volume record for...

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