- It is the reference to 30 years with the lowest coupon in the history of the Treasury, of 2.90%, and with a profitability of 2.954%
- 5,000 million euros have been awarded to 308 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 issuance of a new 30-year reference for 5,000 million euros, due on October 31, 2046 and a coupon of 2.90%. Demand has reached 13,939 million euros. The profitability of the issuance has been 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 smallest 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 investors of very high quality; that is to say, of a typology very diversified so much by type of investor as by geographic zones.
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 other European countries that have reached 2.10%. Other countries have participated with 2.54% of the issue.
Based on the type of investor, the largest share 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 issuance of medium and long-term securities for the entire year announced by the Public Treasury on December 23, 2015 (125,301 million euros). After this issuance, the average life of the outstanding State debt 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 Creators of Bond Market and Obligations of the State have acted as co-leaders.
