Spain is about to offer $2 billion 5 year 144A Reg S note. The 144A aspect of the offerign will be offered to US investors, mainly QIBs, while the Reg S portion of the note will be offered to non-US investors, as Reg S is offshore, meaning outside the US.
The last time Spain issued major debt, whether 144A or Regulation S, was in 2009. Barclays, Citi, Santander and Societe Generale are managing the sale.