By Ben Edwards

Spanish utility company Iberdrola SA (IBE.MC) is planning to meet investors in Europe ahead of a possible hybrid bond sale, one of the banks organizing the roadshow said Thursday.

Bank of America Merrill Lynch, Barclays PLC, JPMorgan Chase & Co., Morgan Stanley and Royal Bank of Scotland Group PLC are the banks hosting the meetings, which are scheduled to begin Feb. 15.

Iberdrola may subsequently issue an undated, euro-denominated, deeply subordinated, reset-rate guaranteed bond via its subsidiary Iberdrola International BV, subject to market conditions.

The bond is expected to be rated Baa3 by Moody's Investors Service and BBB- by Fitch Ratings.

Write to Ben Edwards at ben.edwards@dowjones.com