Treasury places 15-year syndicated bond with demand in excess of 14.6 billion euros

2017.2.22

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The profitability of the issue stands at 2.392%, equivalent to 120 basis points above the mid-swap rate (interbank benchmark rate for interest rate swaps).

The Treasury managed to place the issue among high quality investors thanks to a sound level of demand from 152 investor accounts, highly diversified by investor type and geographic zone.

The participation of non-resident investors amounted to 82.2% of the syndication. Particularly noteworthy among the participation in this percentage was the United Kingdom, with 23.1%, Germany, Switzerland and Austria, with 20.7%, France and Italy, with 18%, the United States and Canada, with 17.1%, and the Scandinavian countries, with 2.4%. Other countries made up the remaining 0.9% of the issue.

In terms of investor type, the greatest participation came from banks, with 37.9%, followed by fund managers, with 24.7% of the total, leveraged funds, with 18.1%, insurance companies and pension funds, with 14%, and central banks and official institutions, with 4.7%. Other investors accounted for the remaining 0.6%.

Following this second syndication of 5 billion euros for 2017, the Treasury has now met 26.6% of its medium- and long-term issue target for the whole year (122.9 billion euros). Following this issue, the average life of the State's debt portfolio stands at 6.95 years.

Banco Bilbao Vizcaya Argentaria, Barclays Bank, HSBC, JP Morgan, NatWest Markets and Banco Santander acted as lead managers for this issue. The rest of the group of Creators of the State Market for Bonds and Debentures acted as the co-leading managers.