Spain's state-owned business support group Instituto de Credito Oficial, or ICO, is to price a EUR1.5 billion, four-year bond at 260 basis points over midswaps, one of the banks running the deal said Tuesday.

This corresponds to 55 basis points over the corresponding government bond, or SPGB.

Price guidance is tighter than earlier, which was in the area of 60 basis points over SPGB.

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

BBVA SA, CaixaBank SA, 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 Service 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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