- The issue amounts to 5,000 million euros, with a coupon of 2.35% and a return of 2.392%
- The placement has been made between 152 high-quality accounts and highly diversified by type of investor and geographical areas
- The participation of non-residents has been 82.2%, mostly from European countries
The Treasury has made a syndicated issue of a new 15-year reference maturing on July 30, 2033 and a coupon of 2.35%. A total of 5,000 million euros has been issued, with a very high demand of 14,618.6 million euros. The return on the issue was 2.392%, equivalent to 120 basis points above the mid-swap rate (reference rate of the interbank market for interest rate swaps).
The Treasury has been able to allocate the issue among high-quality investors thanks to strong demand from 152 investor accounts, highly diversified by type of investor and by geographical area.
The participation of non-resident investors has reached 82.2% of the syndication. Of this percentage, the participation of the United Kingdom stands out with 23.1%, Germany, Austria and Switzerland, with 20.7%, France and Italy with 18%, the United States and Canada with 17.1%, and the Scandinavian countries with 2.4%. Other countries have obtained 0.9% of the issue.
Considering the type of investor, the largest participation has corresponded to banks, with 37.9%, followed by fund managers, with 24.7% of the total, leveraged funds with 18.1%, insurers and funds pension with 14%, and central banks and official institutions with 4.7%. Other investors have represented 0.6%.
With this second syndication for the 2017 financial year of 5,000 million euros, the Treasury has achieved 26.6% of its medium and long-term issuance objective for the entire year (122,904 million euros). After this issue, the average life of the State's debt portfolio amounts to 6.95 years.
Banco Bilbao Vizcaya Argentaria, Barclays Bank, HSBC, JP Morgan, NatWest Markets and Banco Santander have acted as directors of this issue. The rest of the group of Market Makers of State Bonds and Obligations have acted as co-directors.