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

The Public Treasury has placed 9,000 million euros through a syndicated issue of a new 10-year reference, maturing on April 30, 2025. The coupon has stood at 1.60%, the lowest in Treasury history in a syndicated issue at this term. The return has been 1.5656%, 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 maturing 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 was 9,000 million euros, the second highest amount among all the references syndicated by the Public Treasury in its history.

The huge demand has allowed the Treasury to allocate the issue among quality investors; highly diversified, both in terms of distribution by type of investor and distribution by geographical area.

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

Considering the type of investor, the largest participation 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 made issues for a total of 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 issuance forecast for the entire 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 the capital markets in the 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 Market Makers of Bonds and State Obligations have acted as co-leaders.

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