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Spain's 15-year benchmark euro bond enjoyed solid demand on Wednesday in markets reassured by signals from European Union leaders that weaker euro zone countries like Greece would not be allowed to fail.
The pricing was at the low end of the initial guidance of +85-90 basis points.
The Spanish sale was being eyed by markets more broadly as a test of sentiment towards some of the euro zone's highly-indebted states, troubled by worries over the chances of a debt default in Greece in recent weeks.
Analysts said the pricing and demand was encouraging but that it did not mean Greece itself would have an easy ride when it tries to tap markets again.
"We haven't seen much issuance from this sector this year, and the timing is good for Spain after the EC passed the message it won't allow Greece to fail," said economist at BNP Paribas, Ioannis Sokos.
"We've seen higher support from Spain over the last few weeks because of this. Spain has a lot of domestic demand. The real test will be when Greece attempts to issue."
BBVA, Credit Agricole, HSBC, Santander and Societe Generale will manage the sale of the bond, IFR said.
The syndication will mature on July 30, 2025 and final pricing, expected late on Wednesday, would be for around 5 billion euros, a source said on Tuesday.
