- Profitability has stood at 2,726%, the lowest in a 30-year syndication
- The demand has exceeded 26,200 million euros, a record amount in an operation at that time
- The Treasury has awarded 6,000 million to 318 investment accounts of very high quality and very diversified
- The participation of international investors has reached 84.8%
The Public Treasury has issued 6,000 million euros of a new 30-year reference through the syndication procedure. The securities, which expire on October 31, 2048, have a coupon of 2.70% and a return of 2,726%, the lowest in history in an operation at this time led by the Treasury. These levels equal 105 basis points above the type mid-swap (reference rate of the interbank market for interest rate swaps), a differential 80 basis points narrower than in the previous 30-year syndication, which took place in March 2016.
The demand has reached 26,221 million euros, the highest demand in a 30-year Treasury syndication, and the second largest for a European sovereign at that time. This has allowed the allocation of 318 investment accounts of very high quality, very diversified both by type of investor and by geographical area.
The participation of non-resident investors has reached 84.8% of the issue. Of this percentage, investors from the United Kingdom and Ireland have participated with 30.3%; France and Italy with 19.2%; Germany, Austria and Switzerland, with 19.1%; Scandinavian countries, with 6.3%; other EU countries, with 3.7%; USA and Canada, with 3.4%; and the rest of the world, with 2.8%.
By type of investor, the largest share has corresponded to fund managers, with 40.9%; followed by banking entities, with 27.2%; insurance companies and pension funds, with 20.0%; leveraged funds, with 6.2%; central banks and official institutions, with 5.6%. Other investors have participated with 0.1%.
With this second syndication of 2018, the Treasury has completed 28.4% of its medium and long-term issuance program planned for the entire year (126,310 million euros). After this issuance, the average life of the outstanding State debt is 7.49 years.
Banco Bilbao Vizcaya Argentaria, Banco Santander, Barclays Bank, Citigroup, HSBC, and Société Générale have acted as directors of this issue. The rest of the group of Creators of Bond Market and Obligations of the State have acted as co-leaders.