• It is the reference to 30 years with the lowest coupon in the history of the Treasury, of 2.90%, and with a yield of 2.954%
  • € 5 billion has been awarded to 308 very high quality and diversified investment accounts
  • The participation of international investors has been 85.15%, mostly from Germany and the United Kingdom

The Public Treasury has made a syndicated issue of a new 30-year reference for € 5 billion, maturing on October 31, 2046 and a coupon of 2.90%. Demand has reached 13,939 million euros. The return on the issue was 2.954%, equivalent to 185 basis points above the mid-swap rate (reference rate of the interbank market for interest rate swaps). This is the reference to 30 years with the lowest coupon in the history of the Public Treasury, which is scheduled to reopen regularly through auctions.

The high demand has allowed the Treasury to allocate the issue among very high quality investors; that is to say, of a very diversified typology both by type of investor and by geographical areas.

The participation of non-resident investors has reached 85.15% of the issue. Of this percentage, investors resident in Germany, Austria and Switzerland have participated with 32.42% of the issue, followed by the United Kingdom and Ireland with 18.87%, the United States and Canada with 14.33%, and France and Italy with 11.29%. The Scandinavian countries have participated with 3.59%, a percentage similar to that of the rest of European countries that have reached 2.10%. Other countries have participated with 2.54% of the issue.

According to the type of investor, the highest participation has corresponded to fund managers with 53.29%, followed by banks with 21.69%, insurance companies and pension funds with 14.22%, followed by funds leveraged with 6.32%. Central banks and official institutions have participated with 1.78% of the issue and other types of investors with 2.70%.

With this syndication of 5,000 million euros, the Treasury has fulfilled 29.7% of the forecast for the issuance of medium and long-term securities for the whole year announced by the Public Treasury on December 23, 2015 (125,301 million euros). After this issue, the average life of the State debt in circulation stands at 6.61 years.

Banco Santander, Barclays Bank, Goldman Sachs, HSBC, J.P. Morgan 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.

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