The Treasury has issued a syndicated bond for 10 billion euros, which has attracted the highest ever demand

The yield of the issue is 1.451%, equivalent to 46 basis points above the mid-swap rate (benchmark rate for the interbank interest rate swap market).

The treasury has been able to place the issue among high quality investors thanks to a strong demand from 299 investment accounts, highly diversified in terms of both investor type and geographic area.

The participation of non-resident investors totalled 78.2% of the syndication. Of this percentage the largest shares were taken by Germany, Austria and Switzerland, with 24.9%, followed by the UK and Ireland, with 21.0%, France and Italy, with 10.7%, other European Union countries, with 8.7%, the United States and Canada, with 5.9%, and Scandinavia, with 5%. Other regions secured the remaining 2% of the issue.

In terms of type of investor, the largest percentage was taken up by banks, with 31.8%, followed by insurance companies and pension funds, with 29.8%, fund managers, with 23.4%, leveraged funds, with 7.4%, and central banks and official institutions, with 4.9%. Other investors accounted for 2.7%.

With this first syndication in 2018, worth 10 billion euros, the Treasury has achieved 16.3% of its target issue volume in the medium to long term for the entire year (126.31 billion euros).

Banco Bilbao Vizcaya Argentaria, Banco Santander, Barclays Bank, Citi, HSBC and NatWest Markets have acted as lead banks for this issue. The rest of the group of market makers for government bonds and debentures have acted as co-leaders

Non official translation