- Profitability stood at 2,726%, the lowest in a 30-year union
- 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 very high quality and highly diversified investment accounts
- The participation of international investors has reached 84.8%
The Public Treasury has issued € 6 billion of a new 30-year benchmark through the syndication procedure. The securities, which mature on October 31, 2048, have a coupon of 2.70% and a yield of 2.726%, the lowest in history in a transaction to this term led by the Treasury. These levels are equivalent to 105 basis points above the rate mid-swap (reference rate of the interbank market for interest rate swaps), a differential of 80 basis points narrower than in the previous 30-year syndication, which took place in March 2016.
Demand has reached 26,221 million euros, the highest demand in a 30-year Treasury syndication, and the second highest for a European sovereign at that time. This has allowed the issue to be allocated among 318 very high-quality investor accounts, highly 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 corresponded to fund managers, with 40.9%; followed by banks, 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 issue, the average life of the State debt in circulation stands at 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 Market Makers of Bonds and State Obligations have acted as co-leaders.
