The emission volume has amounted to 6,000 million euros for a demand of 28,750 million

The participation of non-resident investors has been 75.3%, mostly from the United Kingdom, the United States and Germany

The Public Treasury has made a syndicated issuance of a new 10-year reference expiring on October 31, 2026 and a coupon of 1.30%. 6,000 million euros have been issued, with a demand of more than 28,750 million. The profitability of the issuance has been the lowest in the history of the Treasury for a 10-year syndication, standing at 1,314%, equivalent to 95 basis points above the mid-swap type (reference type of the interbank market for swaps of interest rates). The coupon, of 1.30%, has also been the lowest in history. This profitability is 67 basis points below that corresponding to the last 10-year State Obligation that was issued in January of this year.

The Treasury has been able to allocate the issue among high quality investors thanks to a solid demand, coming from 426 investment accounts, very diversified by type of investor and geographical areas.

The participation of non-resident investors has reached 75.3% of the syndication. This percentage highlights the participation of the United Kingdom with 31.1%, Germany, Austria and Switzerland, with 13%, the United States and Canada with 11%, Asia and the Middle East, with 7%, France and Italy with 5.6% and Scandinavia with 5%. The rest of European investors has obtained 2.6%.

Based on the type of investor, the largest share has corresponded to fund managers, with 48.7% of the total and to banks, with 22.1%, followed by insurers and pension funds with 10.1% and central banks and official institutions with 9.9%. Finally, 8.9% has been allocated to leveraged funds.

With this syndication of 6,000 million euros, the Treasury has fulfilled 67.5% of its medium and long-term issuance objective for the whole year (120,301 million euros). After this issuance, the average life of the outstanding State debt reaches 6.78 years and the average cost of the Treasury portfolio is at a historical low of 2.93%.

Banco Santander, Banco Bilbao Vizcaya Argentaria, CaixaBank, Citigroup, Crédit Agricole and J.P. Morgan have acted as directors of this broadcast. The rest of the group of Creators of the Bond Market and Obligations of the State have acted as co-directors.

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