• Investors have requested € 39.6 billion and € 10 billion have been awarded with a return of 3.845%
  • More than 60% has been allocated to non-resident investors
  • The Treasury already covers 16.6% of the medium and long-term issuance forecast for the whole year

The Treasury has made the largest syndicated issue in its history through a new 10-year reference, maturing on April 30, 2024 and a coupon of 3.80%. The yield on the issue was 3.845%, equivalent to 178 basis points above the mid-swap rate (interbank market for interest rate swaps), 100 basis points lower than that of the previous syndication (reference with maturity on October 31, 2023 and a coupon of 4.40%).

The operation has been a resounding success, both in terms of demand volume and profitability. The final demand, coming from more than 450 investment accounts, has exceeded 39,600 million euros. The volume issued has been 10,000 million euros, the maximum among all the references syndicated by the Public Treasury in its history.

The enormous demand has allowed the Treasury to allocate the issue among quality investors and in a very diversified way, both taking into account both the type of investor and the distribution by geographical areas.

The participation of non-resident investors has reached 60% of the syndication. Of this percentage, investors outside the Eurozone have had the largest foreign participation, with the United Kingdom and Ireland standing out, with 29%; United States with 8%; and the Scandinavian countries with 6%. Among the largest investors in the Euro zone, France stands out with 5% and Germany with 4%.

According to the type of investor, the greatest participation has corresponded to fund managers, with 41% of the total, followed by bank treasuries with 32% and insurance companies and pension funds that have participated with 17%. Finally, central banks have participated with 4% of the total.

With this placement of 10,000 million euros, the Treasury has already issued issues for a total of 26,033 million euros during this year, of which 22,096 are part of the medium and long-term financing program. This figure represents 16.6% of the issuance forecast for the whole year, including the Public Treasury Financing Program (133.3 billion 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.

Banco Bilbao Vizcaya Argentaria, Banco Santander, Barclays Bank, Citigroup, Goldman Sachs and Société Générale 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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