Spain Holds First Big Bond Auction Since ECB Pivot

The transcript discusses market volatility and the success of a 30-year transaction with high demand and foreign participation. It covers issuance strategies, including premiums and the impact of the ECB. The Spanish treasury's issuance calendar and green debt strategy are outlined, emphasizing frontloading and investor base diversification. The role of linkers in inflation expectations is explored, along with the ECB's influence on the market and future planning.

What was the demand for the 30-year bond issuance discussed in the video?

• €100 billion

• €30 billion

• €60 billion

• €7 billion

What was the new issue premium offered for the 30-year bond?

• Between 10 and 12 basis points

• Between 7 and 8 basis points

• Between 2 and 3 basis points

• Between 5 and 6 basis points

How does the Spanish Treasury typically manage its issuance strategy in Q1?

• By waiting for market stabilization

• By issuing only green bonds

• By front-loading a significant amount

• By reducing issuance significantly

What is a key challenge in supplying green debt according to the video?

• High demand outweighing supply

• Excessive market volatility

• Low-quality project selection

• Lack of investor interest

How long has the Spanish Treasury been issuing linkers?

• For 3 years

• For 10 years

• For 8 years

• For 5 years

What is the expected impact of the ECB's asset purchase program adjustments?

• Reduced issuance by the Treasury

• Immediate market stabilization

• Increased market volatility

• A need to maintain a diversified investor base

What is the Spanish Treasury's approach to inflation expectations?

• Focusing solely on green bonds

• Maintaining regular issuance

• Reducing issuance

• Issuing more linkers