The Official Credit Institute has launched a benchmark issue for an amount of 1,000 million euros over a period of five years under the GMTN (Global Medium Term Note) Program.
The issue pays a 4% annual coupon and has an expiration date of April 30, 2018. The transaction has been conducted 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 to lower the issue's exit price and fix it at 33 points Basics about 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 issue shows the confidence that the Institute continues to awaken in investors, especially international investors, since 36% of 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 this year stands at € 4.6 billion. This amount represents 32% of the ICO financing program in 2013, set at 14,000 / 15,000 million euros.