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Schneider plugs into a wider market
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Lafarge: the need for good timing
Few companies have been more active in international capital markets in the first half of this year than Spanish oil and gas company Repsol. Three Eurobonds, Spain's largest ever syndicated loan and an equity offering for a total equivalent of $6 billion: that's the impressive record so far this year. And everything for a single end: the acquisition of Argentine oil company YPF.
Repsol has been interested in YPF since 1996 but it was only this January when the Argentine government sold a 15% stake in it that Repsol's growth strategies in Latin America could start bearing fruit.
The Spaniards bought the stake for $2 billion and refinanced part of the debt with a five-year e1.4 billion Eurobond launched in early February. The issue posted a strong primary-market performance and was increased two times from the originally planned €750 million. It sold easily all over Europe. The generous pricing of the bond was crucial to its success.