• The new reference to 15 years becomes the Spanish long-term bond indexed to inflation
  • The demand has exceeded 18,400 million euros, an amount higher than the last syndicated issue indexed to 10 years, made in 2017
  • Profitability has stood at 0.565%, almost 17 basis points below last year's issuance

The Public Treasury has awarded 4,000 million euros in an issue of securities indexed to European inflation through the banking syndication technique. The new reference to 15 years becomes the Spanish bond indexed to inflation with greater maturity today (November 30, 2033). The real profitability of the issuance was 0.565%, 16.8 points below the last indexed syndication of the Treasury, held in April last year and has a real coupon of 0.70%.

It is necessary to highlight the great demand registered, which has exceeded 18,400 million and that has allowed to allocate the issue among 175 investment accounts of very high quality, very diversified both by type of investor and by geographical area.

With this issue, the Public Treasury consolidates its commitment to the European inflation indexed securities program, which it launched in 2014 with the aim of diversifying financing sources and extending the average life of the State Debt.

The participation of non-resident investors has reached 71.1% of the issue. Of this percentage, investors from the United Kingdom and Ireland have participated with 18.7%; France and Italy with 14.8%; Germany, Austria and Switzerland, with 10.5%; Nordic countries, with 9.3%; USA and Canada, with 7.2%; Holland, with 7%; and the rest of the world, with 3.6%.

By type of investor, the largest share has corresponded to bank treasuries, with 28.3%, a percentage similar to that of fund managers, with 26.8%. Other bank investors have participated with 15.1%; insurance companies and pension funds with 13.8%; leveraged funds with 7.8%; central banks and official institutions with 7%; and other investors with 1.2%.

With this fourth syndication of 2018, the Treasury has issued a total of 105,413 million euros in the medium and long term, which represents 80.3% of its planned emission program for the entire year (131,310 million euros). After this issuance, the average life of the outstanding State debt is 7.53 years.

BNP Paribas, Crédit Agricole, Goldman Sachs, J.P. Morgan, Morgan Stanley and Société Générale have acted as directors of this broadcast. The rest of the group of Creators of Bond Market and Obligations of the State have acted as co-leaders.

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