• Demand has reached 22,787 million euros and placement has been the second highest of this type
  • The participation of non-resident investors has stood at 68.7% of the total and has been very diversified

The Public Treasury has placed 9,000 million euros through a syndicated issuance of a new 10-year reference, due on April 30, 2025. The coupon has been located at 1.60%, the lowest in the history of the Treasury in a syndicated issue at this time. Profitability has stood at 1,656%, equivalent to 92 basis points above the mid-swap rate (interbank market for interest rate swaps), a return 114 basis points lower than that of the previous syndication (reference expiring on October 30, 2024 and a coupon of 2.75%).

The final demand, coming from more than 350 investment accounts, has reached 22,787 million euros. The volume issued has been 9,000 million euros, the second highest amount among all references syndicated by the Public Treasury in its history.

The huge demand has allowed the Treasury to allocate the issue among quality investors; very diversified both according to the distribution according to the type of investor and the distribution by geographical areas.

The participation of non-resident investors has exceeded 68.7% of the syndication. This percentage highlights the participation of the United Kingdom and Ireland with 21.55%, followed by Germany, Austria and Switzerland with 13.61% United States and Canada with 8.95%, Asia and the Middle East with 7, 43% and Scandinavian countries with 6.5%.

Based on the type of investor, the largest share has corresponded to bank treasuries with 32.2% of the total, followed by fund managers with 32.0% and insurers and pension funds that have participated with 15, 1%, while official institutions have participated for 10.1% of the total.

With this syndication of 9,000 million euros, the Treasury has issued issues totaling 24,606 million euros in January, of which 19,566 are part of the medium and long-term financing program. This figure represents 13.8% of the emission forecast for the whole year, including the Public Treasury Financing Program announced on January 13 (141,996 million euros).

With this operation, the Public Treasury has once again demonstrated the confidence of capital markets in large Spanish, public and private issuers.

Barclays, BBVA, CaixaBank, Citi, Credit Agricole CIB and HSBC have acted as directors of this issue. 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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