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Timing a key factor in winning for Iberdrola back
The landmark Iberdrola €1.5 billion global medium term structured note programme is the winner of the Capital Issues category for 2009. The deal was notable for its timing which gave the issuer the ability to raise finance
The winning deal in the capital issues category is the Iberdrola SA and Iberdrola Finance Ireland Limited’s establishment of a €1.5 billion global medium term structured note programme. The deal emerged as the winner due to its status as a landmark programme as one of very few corporate note programmes.
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Timing was of the essence in this particular deal, says Peter Walker at A&L Goodbody, advisers on the deal: ‘The key factor was speed in allowing the issuer/guarantor access funding directly from the capital markets.’

In terms of obstacles in completing the deal, Walker says: ‘The main point in respect of structuring the deal was that this was a new issuer entering the corporate MTN European market. The deal had to be structured in such a way to ensure that it was efficient from a tax perspective and provided the issuer and its parent guarantor with the maximum ability to raise finance directly through the capital markets.’

Iberdrola is Europe’s fifth largest utility and one of the world’s largest utility companies.
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