• Profitability has been placed at 1,071%, the lowest in a 30-year syndication, with a reduction of more than 165 basis points compared to the last syndicated issue at this time, made in February 2018
  • The participation of international accounts has reached a record level of 90.7%
  • Insurers and pension funds, investors of very high quality, have registered the highest percentage of subscription obtained in a Treasury syndication, with 56.7%
  • The high participation and quality of investors and the lower interest rate show investors' confidence in the strength of the Spanish economy

The Public Treasury has made a syndicated issuance of a 30-year bond worth 5,000 million euros. The transaction has been closed with the lowest interest rate of a Treasury syndication at this term, standing at 1,071%, which represents a reduction of more than 165 basis points compared to the last issuance of these characteristics made in February 2018.

The demand has reached 17,936 million euros, distributed among 172 accounts. The high participation of non-resident investors, which has reached a record level of 90.7%. Likewise, the high quality of the orders received has allowed 56.7% of the issuance to be distributed among insurers and pension funds, which represents the highest percentage granted to these types of accounts in the Treasury unions.

The high participation of international investors, the high quality of demand and the low interest rate show the confidence that investors maintain in the strength of the Spanish economy.


The securities expire on October 31, 2050, have a coupon of 1% and a return of 1,071%. These levels are equivalent to 86 basis points above the mid-swap rate (interbank market reference rate of interest rate swaps).

Among non-resident investors, the participation of France and Italy stands out with 36.1%, followed by Germany, Austria and Switzerland with 25.9% and the United Kingdom and Ireland with 14.2%. Other European countries have participated with 9.3%, of which 3.2% correspond to the Scandinavian countries. It is followed by the Middle East region with 3.1%, and the United States and Canada with 2%. The rest of the regions have obtained 0.1% of the emission.

Based on the type of investor, the largest share has corresponded to insurers and pension funds with 56.7%, followed by fund managers with 20%, and banking entities with 17.6%. Central banks and official institutions have obtained 3% and leveraged funds 2.5%.

With this second syndication of fiscal year 2020, the Treasury has executed 32.2% of its medium and long-term emission objective for the entire year (117,469 million euros).

Barclays, BBVA, BNP Paribas, Crédit Agricole, JP Morgan and Santander 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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