In September 2009, the Kingdom of Spain mandated Calyon as joint bookrunner for a new 30-year benchmark. The EUR 4.5 billion transaction was launched only five days after its announcement. The order book was built up extremely quickly, reaching over EUR 8 billion in demand. On the back of the strong investor support the bond was priced at the low end of the initial guidance.

 

For some time, Calyon had been marketing this opportunity to the Kingdom of Spain. Indeed the Bank had identified the on-going investors’ appetite for both the Spanish market and the long end of the interest rate curve. The Tesoro weighed this alternative among others and, taking advantage of a window of opportunity, decided to go ahead and launched a very successful transaction.

 

In February 2009, Calyon had been mandated joint bookrunner and duration manager by the Kingdom of Spain for the largest ever Euro Benchmark with a final maturity in July 2019. The success of this issue as well as Calyon’s involvement in all Euro benchmark issues by the Kingdom of Spain in 2009 bears witness to an excellent relationship between the Kingdom of Spain – Dirección General del Tesoro and Calyon. It also shows a high quality delivery and performance by the latter as primary dealer for the Kingdom of Spain debt programme.

 

The relationship with the Kingdom of Spain is managed between Calyon in London and Calyon in Madrid.