Credit Suisse First Boston (CSFB) is managing its first Spanish equity sale for nearly two years as it jointly leads an unusual €720m ($708m) disposal in Banesto, the Spanish bank, by its parent SCH.

The last Spanish deal on which CSFB was a bookrunner was in November 2000, according to Dealogic, the investment banking research firm. CSFB, JP Morgan and Morgan Stanley were joint bookrunners of the €3.3bn flotation of Telefonica Moviles de Espana, the mobile phone operator.