- The share of international investors has reached 81.2%, and 6.9% from Asia
- 7,000 million euros have been awarded among 290 highly diversified and high-quality investment accounts
- The amount requested has exceeded 24,000 million euros, with a high participation of fund managers
- The new 10-year benchmark has been issued with a coupon of 1.40% and a yield of 1.457%
The Public Treasury has made a syndicated issue of a new 10-year reference with maturity on July 30, 2028 and coupon of 1.40%. A total of 7,000 million euros has been issued, with a demand of more than 24,000 million. The return on the issue was 1.477%, equivalent to 55 basis points above the mid-swap rate (reference rate of the interbank market for interest rate swaps).
The Treasury has been able to allocate the issue among high-quality investors thanks to a solid demand from 290 investor accounts, highly diversified both by type of investor and by geographical area.
The participation of non-resident investors has reached 81.2% of the syndication. Of this percentage, the participation of the United Kingdom and Ireland stands out, with 29.3%; followed by the whole of Germany, Austria and Switzerland, with 15.9%; from France and Italy, with 12.2%; of the Nordic countries, with 7.1%; and of Asian investors, with 6.9%, the highest participation since January 2012 in absolute terms. The rest of the regions have obtained 9.8% of the issue.
Considering the type of investor, the largest participation has corresponded to fund managers, with 37.2%; followed by banks, with 30.1%; insurance companies and pension funds, with 11.6%; central banks and official institutions, with 10.4%; and leveraged funds, with 6%. Other investors have represented 4.8%.
With this third syndication of 2018, of 7,000 million euros, the Treasury has met 62.2% of its medium and long-term issuance objective for the entire year (131,310 million euros).
Banco Bilbao Vizcaya Argentaria, Banco Santander, Barclays Bank, BNP Paribas, HSBC and J.P. Morgan have acted as directors for this issue. The rest of the group of Market Makers of State Bonds and Obligations have acted as co-directors.