• 2,000 million dollars have been raised with a profitability of 4,071%
  • The issue was made below the cost of the government bond for an equivalent term
  • More than 95% has been awarded to investors from outside the euro zone

The Public Treasury today issued a 5-year Eurobond in dollars, with a 4.00% coupon and maturity on March 6, 2018, worth $ 2 billion. The profitability of this reference has been set at 4.071% in dollars, equivalent to 300 basis points on the swap curve (the most common reference).

This operation is the first in dollars since September 2009 and has allowed the Treasury to diversify its investment base considerably. The Treasury thus manages to finance itself at a lower cost than through the issuance of government bonds in euros with an equivalent term. The volume placed indicates that reception on the market has been optimal. Specifically, orders have been received from more than 140 investors for a total of $ 3.1 billion.

The issue has been placed in a very diversified way. 51% have been subscribed by fund managers, 15% central banks, 16% hegde funds, 10% commercial banks and others (8%). Savings have also been captured from strategic regions: 19% in Asia and Middle East, 47% in the Americas, 23% in the United Kingdom and others (8%). Spain has participated with 3%.

With this issue, the Treasury has access to a different investment base than the usual one and is a sign of confidence from investors located outside the euro zone.

Barclays Capital, Citi, Santander Global Banking & Markets and Société Générale CIB have led the issue.



Source of the new

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *