• Investors have requested 39.6 billion euros and 10,000 million 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 emission forecast for the entire year

The Public Treasury has made the largest syndicated issuance in its history through a new 10-year reference, maturing on April 30, 2024 and a 3.80% coupon. The profitability of the issuance has been 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 (expired reference on October 31, 2023 and a coupon of 4.40%).

The operation has been a resounding success, both in terms of volume of demand and profitability. The final demand, coming from more than 450 investment accounts, has exceeded 39.6 billion euros. The volume issued has been 10,000 million euros, the maximum 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 in a very diversified manner, both in response to 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 Euro zone have had the highest 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%.

Based on the type of investor, the largest share has corresponded to fund managers, with 41% of the total, followed by bank treasuries with 32% and insurers 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 made issues totaling 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 emission 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 capital markets in 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 Creators of Bond Market and Obligations of the State have acted as co-leaders.

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