Repsol has carried out a five-year bond issue for an initial amount of 750 million Euros, increased, after a strong demand, to 1,100 million Euros (183,000 million pesetas). The yearly coupon for this issue is 3.75%. The bond issue price is 99.731% of the nominal price, which implies a yearly effective cost for Repsol of 3.81%, 45 basis points above the German five-year bond that has been taken as a reference.

This issue, the largest fixed income offer carried out by a Spanish company in international financial markets, is also the largest denominated in Euros that has been made by a company, after that carried out recently by British American Tobacco (BAT). Due to its size, this issue can be considered the benchmark for the corporate fixed income market in Euros for 5 years.

The issue has been effected by the subsidiary company, Repsol International Finance BV, with the guarantee of Repsol S.A.

The following entities have acted as Directors in this issue: Banco Bilbao Vizcaya SA, Caja de Ahorros y Pensiones de Barcelona (La Caixa), Goldman Sachs International, Merrill Lynch and Salomon Smith Barney.