The issuance was 3,500 million euros, with a demand through 160 investment accounts of almost double
The participation of non-residents has exceeded 79% and overall it has been of great quality and very diversified
With this operation, the Treasury has captured 34.7% of the forecast in the medium and long term for the entire year in the market
The Public Treasury has launched its third reference index indexed to European inflation through the banking syndication technique. This is a new 15-year bond, due on November 30, 2030 and a coupon of 1.0%. Real profitability has been 0.354%, only 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 has been placed 3,500 million euros.
With this operation, the Treasury complies with its European inflation indexed bond issuance program initiated in 2014. It is also the first issuance of these characteristics made in such a long term. The Treasury thus consolidates the trend towards the gradual lengthening of the average life of the portfolio, develops its inflation-linked bond curve and diversifies the sources of financing.
The demand has allowed the Treasury to allocate the issue among high-quality investors, very diversified by type of investor and geographical areas. The participation of non-resident investors has been 79.1% of the syndication. 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%.
Based on the type of investor, the largest share 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 issued 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 forecast for medium and long-term issuance for the entire 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 Creators of the Bond Market and Obligations of the State have acted as co-leaders.
