The return has been set at 5.403%, significantly lower than that of the first issue of this same bond

Non-resident investors have participated in the issue with almost 80% of the total

The Public Treasury has launched a syndicated issue of a new tranche of the 10-year benchmark obligation with a 5.85% coupon and maturity on January 31, 2022. The return on this issue has been 5.403%, equivalent to 300 basic points with respect to the mid-swap rate (interbank market of interest rate swaps that is used as a reference to set the output levels of fixed income issues) and 342 basic points on the German reference bond. The profitability has been significantly lower than that of the previous tranche of the same bond, issued in November last year, and which was close to 7%. The volume issued has been 4,000 million euros.

This is the first syndicated operation that the Treasury has carried out since March 2011 and has been very well received in the market, both due to the volume of demand and the distribution by type of investors, which shows the improvement in confidence in the solvency of the Spanish economy. Therefore, the good reception that the Treasury placements are having in the market is maintained.

In effect, the Public Treasury has received more than 164 orders from investors for more than 7,800 million euros.

In addition, non-resident investors have had a very prominent participation in the issue, acquiring 80% of the total. The geographical distribution of the awarded amount is as follows: Spain (20%), the United Kingdom (25%), the Euro Zone (15%), the rest of Europe (6%) and the rest of the world (33%). It is worth noting the great presence of investors from Europe and Asia.

The final distribution by type of investor was as follows: banks (39%), central banks and official institutions (27%), fund managers (20%), hedge funds (6%) and other investors (7%).

Banco Bilbao Vizcaya Argentaria (BBVA), Barclays Capital, Deutsche Bank, Goldman Sachs, Santander and Société Générale have acted as directors of this issue, with the rest of the group of State Debt Market Makers acting as co-leaders.



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