The Spanish Treasury yesterday completed the fourth syndicated bond issue of the year aimed at qualified investors and market makers. The €3.5 billion placement matures on 31 October 2028 and has an annual yield of 5.15 %, equivalent to 280 basis points relative to the mid-swap rate, the benchmark for this type of operation. This is Spain's first 15-year bond issue in over two years.

Spanish accounts contributed 45.5% of the demand with non-resident investors accounting for 54.5% of the bonds, which have a yield of 5.194%. Total investor demand for paper amounted to €7.5 billion. This is more than double the capital secured though demand was lower than in preceding ten-year issues carried out this year.

Regarding the nationality of the non-resident buyers, 18.31% were from the eurozone, 18% from the UK and 14.4% from the US. Insurers and pension funds secured 36% of the issue while banks and fund managers took 24.2% and 22.4% respectively.

BBVA, jointly with BNP Paribas, CaixaBank, Crédit Agricole, Credit Suisse and Société Générale, has led the bond issue.

With this new issue, BBVA Corporate & Investment Banking shows once again its support for its customers all over the world and its outstanding execution capabilities in the capital markets.