A syndicate group led by Merrill Lynch & Co. and J.P. Morgan Securities Inc. today will price a $1.5 billion Eurobond issue for the Kingdom of Spain in a deal that market observers say should benefit from the recent trouble in the foreign exchange markets.

The seven-year deal, which syndicate officials launched yesterday in London, will be sold at a price range of 42 to 45 basis points above comparable U.S. Treasury securities. Moody's Investors Service rates the offering Aa2 and Standard & Poor's Corp. rates it AA, syndicate officials said.

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