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

The Public Treasury has issued a 5-year Eurobono in dollars today, with a 4.00% coupon and maturing on March 6, 2018, worth 2,000 million dollars. 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 Public Treasury to significantly diversify its investment base. The Treasury thus manages to finance it at a lower cost than through the issuance of government bonds in euros at an equivalent term. The volume placed indicates that market reception 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 obtained 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 issuance, the Treasury accesses a different investment base from the usual one and represents a sign of confidence on the part of 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