• The issue reaches 8,000 million and has been distributed among 237 high quality and highly diversified investment accounts
  • The participation of non-resident investors has exceeded 80%, the largest in history in a syndicated issue at this time
  • The cost of the portfolio has been reduced to 2.65%, reaching historical lows

The Public Treasury has made a syndicated issuance of a new 10-year reference expiring on October 31, 2027 and a coupon of 1.45%. A total of 8,000 million euros has been issued, with a high demand, of more than 28,900 million. The profitability of the issuance has been 1,529%, equivalent to 70 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 issuance among high-quality investors thanks to a solid demand that is very diversified by type of investor and by geographical area, from 237 investment accounts.

The participation of non-resident investors has reached 80.7%, the largest in a ten-year syndicated issue. Of this percentage, the participation of the United Kingdom stands out with 36.5%; Germany, Austria and Switzerland, with 13.1%; France and Italy, with 11%; Scandinavia, with 8.2%; United States and Canada, with 7.8%; and other investors, with 4.1%. The rest, 19.3%, was placed among resident investors.

Based on the type of investor, the largest share has corresponded to banks, with 37%; followed by fund managers, with 30.2% of the total; central banks and official institutions, with 13.8%; leveraged funds, with 12%; and insurers and pension funds, with 6.6%. Other investors have represented 0.4%.

With this syndication of 8,000 million euros, the Treasury has fulfilled 64.5% of its medium and long-term issuance objective for the entire year (132,904 million euros). After this issuance, the average life of the outstanding State debt reaches 7.06 years and the average cost of the Treasury portfolio is 2.65%, the historical minimum.

Banco Santander, Banco Bilbao Vizcaya Argentaria, Barclays Bank, Citigroup, Goldman Sachs and HSBC have acted as directors of this issue. 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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