(Bloomberg) -- Spain is selling new 12-year debt through banks to capitalize on strong investor demand, following a record-breaking Italian bond offering earlier this month.

Initial guidance suggests the inflation-linked offering will price at around 25 basis points over comparable debt, according to a person familiar with the matter, who asked not to be identified. Commerzbank AG strategists expect the sale to raise as much as €4 billion ($4.5 billion), according to a note.

While such debt syndications are typically more expensive than auctions, they allow governments to raise large sums quickly and diversify their investor base.

Bookrunners on the deal are Citigroup Inc., Credit Agricole SA, Goldman Sachs Group Inc., Morgan Stanley, Banco Santander SA and Societe Generale SA.