Investors have requested 20,151 million euros and 7,000 million have been placed, with a yield of 1,981%
The participation of non-residents has touched 73% and has been highly diversified by origin and by type of investor
With this operation, the Treasury has captured 25% of the estimated medium and long-term issue for the entire year
The Treasury has made a syndicated issue of a new 15-year reference, maturing on July 30, 2030 and a coupon of 1.95%, the lowest in Treasury history in a syndicated issue at this term. The profitability was 1,981%, equivalent to 100 basis points above the rate mid-swap (interbank market for interest rate swaps). The profitability has been 321 basis points lower than that of the syndication prior to this term (reference maturing on October 31, 2028 and a coupon of 5.15%).
The final demand, coming from more than 460 investment accounts, has been 20,151 million euros. The volume issued has been 7,000 million euros, making it the largest syndication in 15 years of the Public Treasury.
Demand has been highly diversified by type of investor and geographical areas and has enabled the Treasury to place investments among quality investors. The participation of non-resident investors was 72.9% of the union. Of this percentage, the participation of the United Kingdom and Ireland stands out with 19.0%, followed by Germany, Austria and Switzerland with 14.9%, France and Italy with 13.5%, the United States and Canada with 12, 6%, the Scandinavian countries with 7.9% and other European countries with 3.2%.
According to the type of investor, the largest participation has corresponded to fund managers with 46.9% of the total, followed by bank treasuries with 25.5% and insurers and pension funds that have participated with 16, 9%, while leveraged funds have participated with 7.5% of the total. Official institutions have participated with 1.6% and other investors with 1.7%.
With this syndication of 7,000 million euros, the Treasury has made issues for a total of 51,652 million euros to date, of which 35,434 are part of the medium and long-term financing program. This figure represents 25.0% of the medium and long-term issuance forecast for the whole year, included in 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 Spain and its large issuers, both public and private.
BBVA, Banco Santander, Barclays, BNP Paribas, Citi 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.