• The amount of debt requested by investors has exceeded 43,000 million euros
  • The Treasury has placed between 299 high quality and highly diversified investor accounts
  • The new 10-year reference has been issued with a coupon of 1.40% and a return of 1,451%
  • 78.2% of the amount has been placed among non-resident investors

The Public Treasury has made a syndicated issuance of a new 10-year reference with maturity on April 30, 2028 and a coupon of 1.40%. A total of 10,000 million euros has been issued, with a demand of more than 43,000 million euros, the largest recorded in a syndicated operation by the Public Treasury. The profitability of the issuance was 1,451%, equivalent to 46 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 issue among high quality investors thanks to a solid demand, coming from 299 investment accounts, very diversified both by type of investor and by geographical areas.

The participation of non-resident investors has reached 78.2% of the syndication. Of this percentage, the participation of the whole of Germany, Austria and Switzerland stands out, with 24.9%, followed by the United Kingdom and Ireland, with 21.0%, France and Italy, with 10.7%, the rest from countries of the European Union, with 8.7%, the United States and Canada, with 5.9%, and Scandinavia, with 5%. The rest of the regions have obtained 2% of the emission.

By type of investor, the largest share has corresponded to banks, with 31.8%, followed by insurers and pension funds, with 29.8%, fund managers, with 23.4%, funds leveraged, with 7.4%, and central banks and official institutions, with 4.9%. Other investors have represented 2.7%.

With this first syndication of the year 2018, of 10,000 million euros, the Treasury has fulfilled 16.3% of its medium and long-term issuance objective for the entire year (126,310 million euros).

Banco Bilbao Vizcaya Argentaria, Banco Santander, Barclays Bank, Citi, HSBC and NatWest Markets have acted as directors of this issue. The rest of the group of Creators of the Bond Market and Obligations of the State has assumed the role of co-directors.



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