BBVA Corporate & Investment Banking has acted as one of the underwriters of €10Bn bonds issued by the Spanish treasury in its latest auction; the greatest amount of ten-year bonds ever placed in both Spain and the eurozone.

The auction raised considerable attention, with 450 accounts showing interest in the investment
opportunity and demand exceeding €39.6Bn.
The large number of purchase orders received left the yield at 178 basis points above the mid-
swap curve, compared to the 185 basis points initially predicted. As a result, the yield on these
bonds, which mature on 30 April 2024, stood at 3.845%.
Foreign interest was particularly strong with 60% (€6Bn) of the issue being placed with foreign
buyers: 29% went to the United Kingdom, 8% to US investors, and 6% to the Scandinavians. Meanwhile, 5% and 4% were purchased by France and Germany, respectively.
By investor type, the greatest participation was among investment fund managers who snapped
up 41% of the total, followed by bank treasury managers (32%), insurance and pension funds
(17%), and central banks (4%).
BBVA has been joined in underwriting this issue by Goldman Sachs, Barclays, Santander, Citigroup and Société Générale.