• Investors have requested 14,615 million and the placement has been made with a coupon of 2.15%
  • The Treasury completes with this issue 51.9% of the Medium and Long Term Financing Program
  • The participation of non-resident investors has reached 64.1%, among which the United Kingdom, the USA and Germany stand out

The Public Treasury has made a syndicated issuance of a new 10-year reference, maturing on October 31, 2025 and a 2.15% coupon. The profitability of the issuance has been 2.207%, equivalent to 120 basis points above the mid-swap rate (interbank market for interest rate swaps).

The final demand, coming from 221 investment accounts, has reached 14,615 million euros and the volume issued has reached 5,000 million euros. Demand has been very diversified both in terms of distribution according to the type of investor and geographical areas. This has allowed the Treasury to allocate the issue among quality investors.

The participation of non-resident investors has reached 64.1% of the syndication. This percentage highlights the participation of the United Kingdom with 21.1%, followed by the United States and Canada with 11.9%; Germany, Austria and Switzerland with 8.3%; Scandinavia with 6.0%; Asia and the Middle East with 5.9%; followed by France with 4.7%, Italy with 3.2% and other European investors with 3.0%.

Based on the type of investor, the largest share has corresponded to banks with 31.3% of the total, followed by fund managers with 30.9% and insurers and pension funds that have participated with 15.6 %. Leveraged funds have participated in 12.4% of the total issuance, followed by central banks and official institutions with 8.8% of the total.

With this syndication of 5,000 million euros, the Treasury has issued a total of 114,247 million euros so far this year, of which 73,630 are part of the medium and long-term financing program. This figure represents 51.9% of the forecast for medium and long-term issuance for the whole year included in the Public Treasury Financing Program announced on January 13 (141,996 million euros).

Banco Santander, CaixaBank, Citi, HSBC, J.P. Morgan and Morgan Stanley have acted as directors of this broadcast. The rest of the group of Creators of the Bond Market and Obligations of the State have acted as co-leaders.



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