The issue was 3,500 million euros, with demand through 160 investment accounts of almost double
The participation of non-residents has exceeded 79% and overall it has been of high quality and highly diversified
With this operation, the Treasury has captured 34.7% of the medium and long-term forecast in the market for the entire year.
The Public Treasury has launched its third benchmark of securities indexed to European inflation using the technique of bank syndication. This is a new 15-year bond, maturing on November 30, 2030 and a 1.0% coupon. The real return has been 0.354%, just 11 basis points higher than the 5-year indexed issue launched in October 2014. The final demand, from 160 investment accounts, has been more than 6,600 million euros and they have been placed 3,500 million euros.
With this operation, the Treasury complies with its European inflation-indexed bond issuance program started in 2014. It is also the first issue of this nature carried out in such a long term. The Treasury thus consolidates the trend towards the gradual lengthening of the portfolio's average life, develops its inflation-linked bond curve and diversifies the sources of financing.
Demand has enabled the Treasury to allocate the issue among high-quality investors, highly diversified by type of investor and by geographical area. The participation of non-resident investors was 79.1% of the union. Of this percentage, the participation of the United Kingdom and Ireland stands out with 26.5%, followed by the United States and Canada with 17.2%, France with 15.2%, Germany, Austria and Switzerland with 5.7% , the Benelux countries with 5.1%, Italy with 4.5% and other countries with 4.9%.
According to the type of investor, the greatest participation has corresponded to fund managers with 49.0% of the total, followed by bank treasuries with 20.0% and insurers and pension funds that have participated with 14, 7%, while leveraged funds have participated with 13.1% of the total. Official institutions have participated with 1.5% and other investors with 1.7%.
With this syndication of 3,500 million euros, the Treasury has made issues for a total of 73,117 million euros to date, of which 49,238 are part of the medium and long-term financing program. This figure represents 34.7% of the medium and long-term issuance forecast for the whole year, included in the Public Treasury Financing Program (141,996 million euros).
Barclays, BNP Paribas, CaixaBank, Citi, Crédit Agricole CIB and Goldman Sachs 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.
