The Official Credit Institute has launched a benchmark issuance amounting to 1,000 million euros for a term of five years under the GMTN (Global Medium Term Note) Program.

The issue pays an annual coupon of 4% and has an expiration date on April 30, 2018. The transaction has been directed by BBVA, Credit Agricole CIB, HSBC and Santander. Commerzbank and Goldman Sachs have also participated as co-leads.

The order books opened with a guide price of 35-40 basis points on the Spanish Treasury bond (SPGB), however, the volume and quality of the registered demand allowed the issue price to be lowered and set at 33 points Basics on the reference bonus.

By type of investor, the transaction has been distributed among asset managers (38%), banks (36%), insurers and pension funds (24%) and central banks (2%).

This public issuance demonstrates the confidence that the Institute continues to arouse in investors, especially international, since 36% of the orders came from outside Spain, highlighting the demand generated in Germany, where 13% of the paper was placed , followed by the United Kingdom with 6% and the Nordic countries and Italy with 5%.

With this benchmark, the second launched by the ICO in 2013, the volume of funds raised by the Institute in the current year stands at 4,600 million euros. This amount represents 32% of the ICO financing program in 2013, set at 14,000 / 15,000 million euros.

Source of the new