Issues

​​​4th Issue (2011 Ocy. 13 th)

Fondo de Reestructuración Ordenada Bancaria (FROB) has completed successfully a new €1.4 billion benchmark issue. The bonds carry an explicit and irrevocable guarantee from the Kingdom of Spain. Joint book runners have been Bankia, Barclays, Credit Agricole CIB, Santander GBM y Societe Generale CIB

This issue has been fully redeemed.

Issue press release

Third Issue (2011 Jul. 5 th)

Fondo de Reestructuración Ordenada Bancaria (FROB) has completed successfully on 2011 July 5th, a new €1.75 billion benchmark issue. The bonds carry an explicit and irrevocable guarantee from the Kingdom of Spain. Joint book runners have been Barclays, BBVA, BNP Paribas, Deutsche Bank and Natixis.

The rating of this issue is:

  • Moody´s: Baa2 (updated 21.12.2014)
  • Standard & Poors: BBB (updated 23.05.2014)
  • Fich: BBB+ (updated 02.05.2014)

Issue press release

Issue characteristics

Second Issue (2011 Jan. 27 th)

Fondo de Reestructuración Ordenada Bancaria (FROB) has completed successfully on 2011 January 27th, a new €3 bn benchmark issue. The bonds carry an explicit and irrevocable guarantee from the Kingdom of Spain. Joint book runners have been CITI, HSBC, RBS, SANTANDER and SG CIB.

This issue has been fully redeemed.

Issue press release

Issue characteristics

First Issue (2009 Nov. 12 th)

Fondo de Reestructuración Ordenada Bancaria (FROB) completed successfully on 2009 November 12th its inaugural Euro denominated Benchmark transaction. The issue carry an explicit and irrevocable guarantee from the Kingdom of Spain. Joint book runners were BBVA, BARCLAYS, CALYON, DEUTSCHE BANK and HSBC.

This issue has been fully redeemed.

Issue characteristics

Issue press release

Another relevant information:

Partial transcript of the relevant aspects of the order that provides the guarantee of the Central Government to secure obligations to the FROB arising from several types of financial instruments

Order of the Ministry of Economy and Finance, amending the Guarantee Order and extending the deadline to arrange the transactions secured by the guarantee of the State till December 2016

Treatment of the debt instruments issued by the Fund of Ordered Bank Restructuring for the determination and control of minimum equity. (RWA)

Consideration of the debt instruments issued by the Fund of Ordered Bank Restructuring (FROB) guaranteed by the Government as guarantee assets (collateral) in monetary policy operations of the European Central Bank ​