![]() ![]() This issue has been rated Baa1 (st) / A- (st) / AL (st). The demand was highly diversified geographically, placing 73% outside of Spain, and the high quality of the orders meant that 53% was represented by SRI accounts. In October, the Autonomous Community of Madrid issued its third green bond on the capital market and its second public issue in 2022, with a term of 7 years and a volume of 500 million euros, being mandated to participate in the BBVA issue in its role as green structuring bank, CaixaBank, Credit Agricole CIB, ING and Santander. This transaction is the first issue of the Spanish public sector and one of the first in Europe fully aligned with the green taxonomy of the European Union. This issue has been classified with a rating of A-/Baa1/A-/BBB by S&P, Moody's, DBRS and Fitch respectively. The transaction has received great support from the international investment community, representing 77% of the orders received, with France being the most representative international jurisdiction with 17%, followed by the United Kingdom and Ireland with 16%, Italy with 14%, Germany /Austria with 14%, BeNelux with 9% and other EU countries with 7%. The quality of the book can also be seen in the allocation of the bonds by type of investor, with fund managers being the investors with the highest allocation with 49%, followed by banks with 46%, insurance companies and pension funds with 20%. ![]() ![]() % and finally “Hedge Funds” representing only 1% of the allocated volume. ![]()
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