• The amount awarded amounts to 4,000 million euros with a profitability of 5,213%
  • More than 65% of the placement has been made among non-resident investors
  • The Treasury already covers 90.1% of the medium and long-term emission forecast for the entire year

The Public Treasury has made a syndicated issuance of a new 30-year reference, due on October 31, 2044 and a 5.15% coupon. The profitability of the issue was 5,213%, equivalent to 250 basis points above the mid-swap rate (interbank market for interest rate swaps), with a concession of only 15 basis points over the Spanish bond plus nearby (reference expired in July 2041 and coupon of 4.70%).

The Treasury did not issue a 30-year syndicated bond since September 2009, so today's placement involves recovering a long-term financing instrument and diversifying the investment base. The issuance of this new 30-year bond follows that of last July of 15-year bonds, and like that, it has resulted in a resounding success.

The Public Treasury announced the intention to carry out this issue on Monday, October 8, in order to warn investors about the imminence of such an operation. The final demand, coming from more than 230 investment accounts, has exceeded 10.6 billion euros. The volume issued has been 4,000 million euros. The Treasury plans to reopen this reference 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 65% of the syndication. Of this percentage, investors resident in the United Kingdom are 28%, USA 10%, Nordic countries 8%, Germany 6%, France 4%, Eurozone remainder (6%), Switzerland (2%) and others (one%).

Based on the type of investor, the largest share has corresponded to insurers and pension funds, with 32%, followed by fund managers with 30%, banks with 23%, leveraged funds with 9%, central banks (4% ) and others (2%).

With this operation, the Treasury has issued a total of 191,240 million euros so far this year, of which 109,250 are part of the regular medium and long-term financing program. This figure represents 90.1% of the emission forecast for the whole year, including 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, Banco Santander, Barclays Bank, BNP Paribas, Caixabank and Citigroup 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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