The issue 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 USA and Germany

The Public Treasury has made a syndicated issue of a new 10-year reference maturing 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 yield on the issue 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 rate (reference rate of the interbank swaps market). interest rates). The coupon, at 1.30%, was also the lowest in history. This profitability is 67 basis points below that corresponding to the last 10-year Government Obligation that was issued in January of this year.

The Treasury has been able to allocate the issue among high-quality investors thanks to strong demand from 426 investor accounts, highly diversified by type of investor and by geographical area.

The participation of non-resident investors has reached 75.3% of the syndication. Of this percentage, the participation of the United Kingdom stands out 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 have obtained 2.6%.

Looking at the type of investor, the largest participation 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 achieved 67.5% of its medium and long-term issuance objective for the whole year (120,301 million euros). After this issue, the average life of the outstanding State debt reaches 6.78 years and the average cost of the Treasury securities portfolio is at the historical minimum of 2.93%.

Banco Santander, Banco Bilbao Vizcaya Argentaria, CaixaBank, Citigroup, Crédit Agricole 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.



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