• Demand has stood at 30,000 million and the coupon has been 1.95%, below the previous reference
  • The participation of non-resident investors has been 65.4%, mostly from the United Kingdom, the USA and Canada

The Public Treasury has made a syndicated issue of a new 10-year reference for 9,000 million euros, with maturity on April 30, 2026 and a coupon of 1.95%. Demand has been close to 30,000 million. The return on the issue was 1.986%, equivalent to 105 basis points above the mid-swap rate (reference rate of the interbank market for interest rate swaps). This profitability is 22 basis points below that corresponding to the last 10-year Government Obligation that was issued in June 2015.

The final demand, from 373 investment accounts, has reached 29,707 million euros, of which the Public Treasury has awarded 9,000 million euros. Strong demand, highly diversified by type of investor and by geographical area, has enabled the Treasury to allocate the issue among high-quality investors.

The participation of non-resident investors has reached 65.4% of the syndication. Of this percentage, the participation of the United Kingdom stands out with 23.3%, the United States and Canada 11.8%, France and Italy with 9.4%, Scandinavia with 7.3%, Germany, Austria and Switzerland with a 7.1%, other European investors with 5.6% and 0.9% the rest of the countries.

Considering the type of investor, the largest participation has corresponded to banks with 38.2% of the total, fund managers with 37.6%, and insurance and pension funds with 11.3%. Central banks and official institutions with 6.6% of the total issue, followed by leveraged funds, with 5.5% and 0.8% participating the rest of investors.

With this syndication of 9,000 million euros, the Treasury inaugurates its issuance program for 2016. This figure represents 7.2% of the forecast for the issuance of medium and long-term securities for the whole year announced by the Public Treasury last year. December 23, 2015 (125,301 million euros).

Barclays Bank, Banco Bilbao Vizcaya Argentaria, CaixaBank, Citi, BNP Paribas and Morgan Stanley have acted as directors of this issue. The rest of the group of Market Makers of Bonds and State Obligations have acted as co-leaders.


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