• The amount awarded amounts to 3,500 million with a yield of 5,194%
  • More than 54% has been allocated to non-resident investors
  • The Treasury has already covered 70.3% of the medium and long-term emission forecast for the entire year

The Public Treasury has made a syndicated issuance of a new reference to 15 years, expiring on October 31, 2028 and a coupon of 5.15%. The profitability of the issue was 5,194%, equivalent to 280 basis points above the mid-swap rate (interbank market for interest rate swaps), with a concession of only six basis points on the secondary market.

The operation closed today has been a resounding success, since the Treasury did not issue 15-year bonds by syndication since March 2011 (reference expiring in July 2026 and coupon of 5.90%). It involves recovering a new long-term financing instrument and diversifying the investment base of the State Debt. The final demand, coming from more than 130 investment accounts, has exceeded 7,500 million euros. The volume issued has been 3,500 million euros, with very good reception in the secondary market. The Treasury plans to reopen this reference regularly through auctions.

The Public Treasury announced yesterday the intention to carry out this issue, in order to warn investors about the imminence of an operation of this nature.

The high demand has allowed the Treasury to allocate the issue among investors of very high quality; that is to say, of a very diversified typology both by investor profile and by geographical areas. The participation of non-resident investors has reached 54.5% of the syndication. Of this percentage, foreign investors in the Euro Zone have obtained 18.31% of the issue; United Kingdom, 18%; USA, 14.4%; the Nordic countries (excluding Finland), 1.86% and Switzerland, 1.53%.

Based on the type of investor, the largest share has corresponded to insurers and pension funds, with 36%. Other groups have been banks, with 24.2%; fund managers, with 22.4%; leveraged funds, with 13%; and private banking, 3.9%.

With this operation, the Treasury has already issued this year a total of 141,300 million euros, of which 85,300 are part of the medium and long-term financing program. This figure represents 70.3% of the emission forecast for the whole year included in the Public Treasury Financing Program (121.3 billion euros).

The Public Treasury once again demonstrates that it enjoys full market access at sustainable rates in the longest tranches of its interest rate curve.

Banco Bilbao Vizcaya Argentaria, BNP Paribas, Caixabank, Credit Agricole, Credit Suisse 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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