Obligation Iberdrola Capital S.A. 1.621% ( XS1726152108 ) en EUR

Iberdrola Capital S.A.

100 % ⇌

Espagne

XS1726152108 ( en EUR )

1.621% par an ( paiement annuel )

29/11/2029 - Obligation échue

Prospectus brochure de l'obligation Iberdrola Finanzas S.A XS1726152108 en EUR 1.621%, échue

Iberdrola Finanzas S.A. est une filiale d'Iberdrola, principalement dédiée au financement des activités du groupe énergétique espagnol.

L'Obligation émise par Iberdrola Capital S.A. ( Espagne ) , en EUR, avec le code ISIN XS1726152108, paye un coupon de 1.621% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 29/11/2029

FINAL TERMS
PROHIBITION OF SALES TO EEA RETAIL INVESTORS The Notes are not intended, from 1
January 2018, to be offered, sold or otherwise made available to and, with effect from such date,
should not be offered, sold or otherwise made available to any retail investor in the European
Economic Area (EEA). For these purposes, a retail investor means a person who is one (or more) of:
(i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (MiFID II); (ii) a
customer within the meaning of Directive 2002/92/EC (the Insurance Mediation Directive), where that
customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II;
or (iii) not a qualified investor as defined in the Prospectus Directive. Consequently, no key
information document required by Regulation (EU) No 1286/2014 (the PRIIPs Regulation) for offering
or selling the Notes or otherwise making them available to retail investors in the EEA has been
prepared and therefore offering or selling the Notes or otherwise making them available to any retail
investor in the EEA may be unlawful under the PRIIPs Regulation.
Final Terms dated 27 November 2017
Iberdrola Finanzas, S.A.U.
(incorporated with limited liability in the Kingdom of Spain)
Issue of
300,000,000 1.621 per cent. Guaranteed Notes due 29 November 2029 (the "Notes")
Guaranteed by
Iberdrola, S.A.
Under the EUR 20,000,000,000
Euro Medium Term Note Programme
PART A CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the Terms and Conditions of
Notes issued by Iberdrola Finanzas, S.A.U. set forth in the Base Prospectus dated 28 July 2017 which
constitutes a base prospectus for the purposes of the Prospectus Directive (the Base Prospectus). This
document constitutes the Final Terms of the Notes described herein for the purposes of Article 5.4 of the
Prospectus Directive and must be read in conjunction with such Base Prospectus. Full information on the
Issuer, the Guarantor and the offer of the Notes is only available on the basis of the combination of these
Final Terms and the Base Prospectus. The Base Prospectus and the Final Terms have been published on the
website of the Luxembourg Stock Exchange at www.bourse.lu. and are available for viewing at the
registered office of the Issuer at Plaza Euskadi 5, 48009 Bilbao, Spain, and of the Fiscal Agent at The Bank
of New York Mellon, London Branch, One Canada Square, London E14 5AL, United Kingdom and copies
may be obtained from the Fiscal Agent at its aforementioned registered address.

1.
(i)
Series Number:
121
(ii)
Tranche Number:
1
(iii)
Date on which the Notes will be Not Applicable
consolidated and form a single
Series:
2.
Specified Currency or Currencies:
Euro ()

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3.
Aggregate Nominal Amount admitted to 300,000,000
trading:
4.
Issue Price:
100.00 per cent. of the Aggregate Nominal
Amount.
5.
Specified Denominations:
100,000
6.
(i)
Issue Date:
29 November 2017
(ii)
Interest Commencement Date:
Issue Date
7.
Maturity Date:
29 November 2029
8.
Interest Basis:
1.621per cent. Fixed Rate (see item 12 below)
9.
Change of Interest Basis:
Not Applicable
10.
Put/Call Options:
Issuer Call
(see paragraph 15 below)
Change of Control Put Option

(see paragraph 17 below)

Substantial Purchase Event
(see paragraph 19 below)
11.
Date Board approval for issuance of Notes 17 November 2017
obtained:
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
12.
Fixed Rate Note Provisions
Applicable
(i)
Rate of Interest:
1.621 per cent. per annum

payable in arrear on each Interest Payment Date
(ii)
Interest Payment Date(s):
29 November in each year commencing on 29
November 2018 up to and including the Maturity
Date.
(iii)
Fixed Coupon Amount(s):
1,621 per Specified Denomination
(iv)
Broken Amount(s):
Not Applicable
(Applicable to Notes in definitive
form)
(v)
Day Count Fraction:
Actual/Actual(ICMA)
(vi)
Determination Dates:
29 November in each year
13.
Floating Rate Note Provisions
Not Applicable

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14.
Zero Coupon Note Provisions
Not Applicable
PROVISIONS RELATING TO REDEMPTION
15.
Call Option
Applicable
(i)
Optional Redemption Date(s):
As per Conditions
(ii)
Optional Redemption Amount(s) of Make-Whole Amount
each Note:
(iii)
Make-whole Amount:
Applicable
(a)
Reference Note:
0.500% Bundesobligationen of the
Bundesrepublik Deutschland (Bund) due August
2027 ISIN: DE0001102424)
(b)
Redemption Margin:
0.20 per cent.
(c)
Make-whole
Exemption Not Applicable

Period:
(iv)
If redeemable in part:

(a)
Minimum
Redemption Not Applicable

Amount:
(b)
Maximum
Redemption Not Applicable

Amount:
(v)
Notice periods:
As per Conditions
16.
Put Option
Not Applicable
17.
Change of Control Put:
Applicable
(i)
Optional Redemption Amount:
As per Conditions
(ii)
Notice periods:
As per Conditions
18.
Residual Maturity Call Option
Applicable
19.
Substantial Purchase Event
Applicable
20.
Final Redemption Amount
100,000 per 100,000 Specified Denomination
21.
Early Redemption Amount

Early Redemption Amount(s) payable on
redemption for taxation reasons or on Event
of Default and/or the method of calculating
the same (if required or if different from that
set out in Condition 6):
As per Conditions
GENERAL PROVISIONS APPLICABLE TO THE NOTES

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22.
(a)
Form of Notes:
Bearer Notes:

Temporary Global Note exchangeable for a
Permanent Global Note exchangeable for
Definitive Notes in the limited circumstances
specified in the Permanent Global Note.
(b)
New Global Note:
Yes
23.
Financial Centre(s) or other special TARGET2 Business Days
provisions relating to Payment Dates:
24.
Talons for future Coupons to be attached to No
Definitive Notes:
25.
Consolidation provisions:
Not Applicable

Signed on behalf of the Issuer:
Signed on behalf of the Guarantor:
By:
................................................................
By:
.................................................................
Duly authorised
Duly authorised

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PART B OTHER INFORMATION

1.
LISTING
AND
ADMISSION
TO
TRADING
(i)
Listing:
Luxembourg
(ii)
Admission to trading:
Application has been made for the Notes to be
admitted to trading on the regulated market of the
Luxembourg Stock Exchange with effect from 29
November 2017
(iii)
Estimate of total expenses related to 7,200
admission to trading:
2.
RATINGS

Ratings:
The Notes to be issued have been rated:
Standard & Poor's Rating Services, a division of
the McGraw Hill Companies, Inc. (S&P): BBB+
(stable)
Moody's Investor Service Limited
(Moody's): Baa1 (positive)
Fitch Ratings Limited (Fitch): BBB+ (stable)

S&P, Moody's and Fitch are established in the

European Union and are registered under
Regulation (EC) No. 1060/2009 (as amended). As
such, each of S&P, Moody's and Fitch is included
in the list of credit rating agencies published by the
European Securities and Markets Authority on its
website in accordance with such Regulation
(http://www.esma.europa.eu/page/List-registered-
and-certified-CRAs).
3.
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE
So far as the Issuer is aware, no person involved in the offer of the Notes has an interest material
to the offer. The Dealer and their affiliates have engaged, and may in the future engage, in
investment banking and/or commercial banking transactions with, and may perform other services
for, the Issuer and the Guarantor and its affiliates in the ordinary course of business. For the
purpose of this paragraph the term "affiliates" includes also parent companies.

4.
YIELD

Indication of yield:
1.621 per cent. per annum

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5.
OPERATIONAL INFORMATION
ISIN Code:
XS1726152108
Common Code:
172615210
Any clearing system(s) other than Euroclear Not Applicable
and Clearstream Luxembourg and the
relevant identification number(s):

Names and addresses of additional Paying Not Applicable
Agent(s) (if any):
Intended to be held in a manner which Yes
would allow Eurosystem eligibility:
Note that the designation "yes" simply means that
the Notes are intended upon issue to be deposited
with one of the International Central Securities
Depositaries (ICSDs), being Euroclear and
Clearstream, Luxembourg, as common safekeeper
and does not necessarily mean that the Notes will
be recognised as eligible collateral for Eurosystem
monetary policy and intra-day credit operations by
the Eurosystem either upon issue or at any or all
times during their life. Such recognition will
depend upon the ECB being satisfied that
Eurosystem eligibility criteria have been met.
6.
DISTRIBUTION

(a)
Method of distribution:
Non-Syndicated
(b)
If syndicated, name of relevant Not Applicable
Dealer:
(c)
Date of Agreement:
27 November 2017
(d)
Stabilisation Manager(s) (if any):
Not Applicable
(e)
If non-syndicated, name of relevant Barclays Bank PLC
Dealer:
(f)
U.S. Selling Restrictions:
Reg. S Compliance Category 2; TEFRA D

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