Spain to issue net 75 billion euros in bonds during 2022


Spain plans to issue 75 billion euros ($84.95B) in bonds over 2022, roughly in line with last year’s total, while strong demand from international investors looks set to continue, Treasury Chief Carlos Cuerpo told reporters on Monday.

In gross terms, the government will issue some 237B euros, down from 264.3B last year, Cuerpo told a news conference to discuss borrowing plans.

According to Reuters, “Spanish net issuance soared to 110B euros in 2020 as the government reeled from the unexpected financial strain of tackling the COVID-19 pandemic, before receding to 75.1B euros last year.”

Spain’s finances will be bolstered by the arrival of around 26.3B euros in European Union recovery funds during the year.

Supported by ultra-loose European monetary policy, Spain closed 2021 with an average negative yield for the first time, meaning investors effectively pay the government to hold its bonds. 

However, Cuerpo declined to speculate about the trajectory of yields and rates in the coming year.

Instead, the Treasury will “try to manage our portfolio as prudently as possible and anticipate the gradual normalisation of monetary policy”, he said.

Reuters also comments that “even though the European Central Bank’s top officials have reiterated that the record high inflation is transitory, investors are increasingly expecting monetary tightening, especially after ECB board member Isabel Schnabel hinted the bank may have to act to temper price growth.”

Cuerpo said the Spanish treasury planned to reopen this year the green bond it issued in 2021 following the success of such issuance last September but declined to give further details on the estimated timeline or scale.

He pointed to solid demand from international investors in Spanish debt auctions and syndications as evidence of confidence in the country’s economy.

“We expect this to continue over the coming months and years. It has given us a strong backing for our issuance,” Cuerpo stated.

Separate to the Treasury briefing, Spain gave a mandate for a new syndicated 10-year euro benchmark bond maturing on 30 April 2032, according to a lead manager memo seen by Reuters.

The transaction will be launched in the near future subject to market conditions, the memo added.

Source: Reuters

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