Spain's state-owned business support group Instituto de Credito Oficial, or ICO, is to price its euro-denominated, benchmark-size, four-year bond at 55 basis points over the corresponding government bond, or SPGB, one of the banks running the deal said Tuesday.

This is tighter than initial price guidance, which was in the area of 60 basis points over midswaps.

Books on the bond are in excess of EUR1.75 billion.

BBVA, Caixabank, HSBC Holdings PLC and Societe Generale SA are the lead managers on the deal, which is expected to price later Tuesday.

The issuer is rated A3 by Moody's Investors Services Inc., A by Standard and Poor's Corp. and A by Fitch Ratings.

- By Sarka Halas, Dow Jones Newswires; +44 (0) 207 842 9236; Sarka.Halasova@dowjones.com

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