Spanish utility Iberdrola (IBDRY) sets price guidance on its benchmark-size, euro-denominated bond, maturing October 2018, one of the banks running the deal said Tuesday.

Initial guidance is in the area of 250 basis points over midswaps.

Barclays PLC, Banca IMI, Banesto, CaixaBank, HSBC Holdings PLC, Morgan Stanley and Royal Bank of Scotland Group PLC are the lead managers of the sale.

The issuer is rated A3 by Moody's Investors Service Inc., and A- by Standard & Poor's Corp.

-By Ben Edwards, Dow Jones Newswires; 44-20-7842-9287; ben.edwards@dowjones.com

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