• Demand has reached 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 United States and Canada

The Public Treasury has made a syndicated issuance of a new 10-year reference for 9,000 million euros, due on April 30, 2026 and a coupon of 1.95%. Demand has been close to 30,000 million. The profitability of the issuance has been 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 State Obligation that was issued in June 2015.

The final demand, coming from 373 investment accounts, has reached 29,707 million euros, of which the Public Treasury has awarded 9,000 million euros. The strong demand, very diversified by type of investor and geographical areas, has allowed the Treasury to allocate the issue among high quality investors.

The participation of non-resident investors has reached 65.4% of the syndication. This percentage highlights the participation of the United Kingdom 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 countries.

Based on the type of investor, the largest share has corresponded to banks with 38.2% of the total, fund managers with 37.6%, and insurers and pension funds with 11.3%. Central banks and official institutions with 6.6% of the total issuance, followed by leveraged funds have participated with 5.5% and 0.8% the rest of investors.

With this syndication of 9,000 million euros, the Treasury inaugurates its emissions program for 2016. This figure represents 7.2% of the forecast for issuance of medium and long-term securities for the entire year announced by the Public Treasury last 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 Creators of Bond Market and Obligations of the State have acted as co-leaders.


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