The yield is set at 4.66%, and the issue amount is 5,000 million euros.

The Public Treasury has launched a syndicated issue of 15-year bonds with a coupon rate of 4.65% and maturity in July 2025. The yield of this issue is 4.66% and the issue amount is 5,000 million euros.

The transaction has been well received and the financial markets have once again shown their trust in the soundness of Spanish sovereign debt. After the high volatility seen in the first few days of this month, market conditions have stabilized considerably, creating a favourable environment in which to issue long-term debt again.

The strong demand for the issue, with an order book which has attracted 270 orders for a total amount of over 14,000 million euros, has pushed yields to the lower end of the range at which the order book was opened, which was between 85 and 90 basis points over the mid-swap rate (interbank market for interest rate swaps used as a benchmark to set the starting levels of fixed income issues).

Issue yield is now 76 basis points above the market benchmark for this maturity, which is the French OAT treasury bond with a 6% coupon and maturity in October 2025 (there are no benchmark 15-year bond issues from the German treasury).

The issue has a highly diversified profile from both a sectoral and a geographic viewpoint. Final investors feature strongly: 34% of the issue has been placed in investment funds, 15% in insurance companies, 5% in pension funds, and 3% in central banks. Banks have acquired 35% of the issue.

As far as geographic distribution is concerned, 33% of the issue was placed in Spain and Portugal, 23% in France, 16% in the UK and Ireland, 8% in Scandinavia, and 8% in Germany and Austria.

The issue was scheduled for the month of February in the quarterly issuance schedule that the Treasury published at the end of December. BBVA, Crédit Agricole, Société Générale, Santander and HSBC have acted as bookrunners of this issue.