The ICO has launched a benchmark financial operation in the capital market with a two-year term for the sum of 500 million dollars. Goldman Sachs International, J.P. Morgan and Société Générale were the lead banks in the operation which pays out an annual coupon of 1.625%.
The issue generated great interest among close on 60 investors with a book order in excess of 750 million dollars, which allowed the initial spread to be reduced by 5 basis points to stand at a mid-swap plus 65 basis points, equivalent at the time of the issue to a fixed rate in euros of -0.098%.
By type of investor, central banks and official institutions placed the largest orders, with participation of 51%. The rest was placed with investment funds (33%), banks (10%) and insurance companies and pension funds (6%). Geographically, 85% of the operation was placed outside of Spain, with noteworthy participation in Asia (24%), the rest of Europe (18%) and the United States (16%).
Following this operation in the capital markets, the institute has completed 70% of its financing programme, which in 2016 is calculated to stand at around 4 billion euros.
The ICO has once again shown its commitment to the diversification of its investor base, by resorting to the capital markets with different terms and currencies.
ICO