summary
Order ETD/18/2022, of February 18, by which the creation of State Debt during August 2022 and January 2023 and the standardized Collective Action Clauses are collected, has authorized the General Secretary of the Treasury and International Financing to issue pending State Debt in the year 2022 and in January 2023 and has regulated the framework to which the issues must conform, sealing the instruments in which they may materialize, among which are the Bonds and Obligations of the State.
In the approved regulation, the obligation to prepare an annual calendar of ordinary auctions is available, for publication in the Official State Gazette, and the procedures and emission standards are required, which are basically an extension of those in force in 2021. Said calendar is published by Resolution of January 24, 2022, of the General Directorate of the Treasury and Financial Policy, in which the development and resolution of the auctions of Bonds and Obligations of the State for the year 2022 and the month of January 2023 was regulated .
In accordance with the announced calendar, it is necessary to set the characteristics of the State Bonds and Obligations to be offered on February 17 and call the corresponding auctions. To this end, in order to meet the demand of investors and following the recommendations of the Market Makers, given the possibility of putting on offer issues that are extensions of others made previously, it is considered advisable to put on offer a new reference tranche of five-year State Bonds at 0,00 per 100, maturing on January 31, 2027 and ten-year State Obligations at 0,70 per 100, maturing on April 30, 2032.
Given the foregoing, and in use of the authorizations contained in the aforementioned Order ETD/18/2022, this General Directorate has resolved:
1. Order in the month of February 2022 the issues, denominated in euros, of State Bonds and Obligations indicated in section 2 below and call the corresponding auctions, which will be held in accordance with the provisions of Order ETD/ 18/2022, of January 18, in the Resolution of January 24, 2022, of the General Directorate of the Treasury and Financial Policy and in this resolution.
2. Characteristics of the State Bonds and Obligations that are issued.
2.1 The annual nominal interest rate and the amortization and expiration dates of coupons will be the same as those that will be produced in the Resolution of October 15, 2021, of the General Directorate of the Treasury and Financial Policy, for the issuance of State Bonds to five years at 0.00 per 100, maturing on January 31, 2027 and in orders ETD/3/2022 and ETD/6/2022, of January 11 and 12, respectively, for the issuance of ten-year State Obligations at 0,70 per 100, due April 30, 2032.
2.2 The first coupon to be paid will be, for its full amount, on January 31, 2023 in the Bonds at 0,00 percent. In the Obligations at 100 percent, the first coupon to be paid will be on April 0,70, 100. 30, for an import of 2022 per 0,195616, as established by Order ETD/100/6, of January 2022.
2.3 In accordance with the provisions of number 2 of the Order of June 19, 1997, the Bonds and Obligations that are issued are classified as strippable Bonds. However, for the start of the segregation and reconstitution operations in the Bonds at 0,00 per 100 and in the Obligations at 0,70 per 100 that are issued, the authorization must be approved by the General Secretariat of the Treasury and International Financing.
3. The auctions will take place on February 17, 2022, in accordance with the calendar made public in section 1 of the Resolution of January 24, 2022, and the price of the competitive requests that are submitted to the auctions will be recorded in percentage with two decimals, the second of which could be any number between zero and nine, both included, and an exemption will be formulated. In this regard, the running coupon of the securities that are put on offer, calculated in January in the manner established in article 14.2 of Order ETD/18/2022, of 18 January, is 0.00 per 100 in Bonds at five years at 0.00 per 100 and 0.07 per 100 in the ten-year Obligations at 0.70 per 100.
4. The second rounds of the auctions convened by means of this Resolution, to which Market Makers who act in the field of State Bonds and Obligations tend to have exclusive access, will take place between the resolution of the auctions and twelve hours of the business day before the securities are put into circulation and will be awarded at the marginal price resulting from the auction phase, in accordance with the regulations governing these entities.
5. The securities issued in these auctions are put into circulation on February 22, 2022, the date of disbursement and debit to the account established for account holders in the Company for the Management of Registration, Compensation and Settlement Systems of Valores, SA Unipersonal, and will be automatically admitted to trading on the AIAF Fixed Income Market. In addition, these values will be added, if applicable, to the issues selected in section 2 above, taking into account the expansion of those, with which they will be managed as a single issue from their entry into circulation.
6. In the annex to this resolution, including information on the effects of participation in the auctions, including tables of equivalence between prizes and yields of the Bonds and Obligations of the State whose issuance is arranged, calculated in accordance with the provisions of article 14.2 of Order ETD/18/2022, of January 18.
ANNEXED
Equivalence table between prices and yields for 5-year 0,00% State Bonds, due. January 31, 2027Auction on February 17Exclusive price
Gross Yield*
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porcentaje
95 750 88395 800 87295 850 86195 900 85195 950 84096 000 82996 050 81996 100 80896 150 79896 200 78796 250 77696 300 76695 50, 000 61897,050,60897,100,59797,150,58797,200,57697,250,56697,300,55597,350,54597,400,53497,450,52497,500,51497,550,50397,600, 49397, 650,48297,700,47297,750,46197,800,45197,850,44197,900,43097,950,42098,000,41098,050,39998,100,38998,150,37998,200,36893,5 250 * Returns rounded to the third decimal place. Table of equivalence between prices and yields for 10-year Government Obligations at 0,70%, due. April 30, 2032Auction on February 17Exclusive price
Gross Yield*
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porcentaje
93 751 36193 801 35693 851 35093 901 34593 951 33994 001 33494 051 32894 101 32394 151 31794 201 31294 251 30694 301 301941 5 401 29094 451 28594 501 27994 551 27494 601 26894 651 26394 701 25794 751 25294 801 24794 851 001,22595,051,22095,101,21495,151,20995,201,20395,251,19895,301,19395,351,18795 , 401182954511769550117195551166956011609565115595701150957511449580113995851134959011289595112396001 11796,051,11296,101,10796,151,10196,201,09696, 251.091, XNUMX * yields rounded to the third decimal.
