Spanish Treasury Director Says Debt Markets Working Well

The video features a discussion with Pablo Dave Ramon, Director General of the Spanish Treasury, about the recent 30-year bond syndication amidst market volatility. Despite challenges, the issuance was successful, with high demand and significant foreign participation. The Spanish Treasury's strategy includes frontloading issuance and adapting to market conditions. Green debt and inflation-linked bonds are also part of their program. The conversation touches on expectations for ECB actions and the resilience of the international investor base.

What was the main reason for the Spanish Treasury's market activity despite the volatility?

• To increase domestic investments

• To demonstrate market resilience

• To capitalize on low interest rates

• To avoid future economic sanctions

How much demand did the Spanish Treasury's 30-year bond issuance attract?

• €45 billion

• €75 billion

• €30 billion

• €60 billion

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

• 1-2 basis points

• 2-3 basis points

• 3-4 basis points

• 4-5 basis points

What is the Spanish Treasury's usual strategy for issuance in the first quarter?

• Delaying issuance until mid-year

• Issuing only green bonds

• Front-loading a significant amount of issuance

• Minimal issuance to gauge market conditions

What challenge does the Spanish Treasury face in the green debt market?

• High competition from other countries

• Regulatory restrictions

• Lack of investor interest

• Difficulty in selecting high-quality projects

How has the Spanish Treasury been handling inflation expectations in their issuance strategy?

• By increasing the issuance of linkers

• By reducing overall bond issuance

• By avoiding the issuance of linkers

• By focusing solely on short-term bonds

What is the Spanish Treasury's plan regarding the ECB's asset purchase program adjustments?

• To halt all bond issuances

• To rely solely on domestic investors

• To maintain a diversified investor base

• To increase issuance of short-term bonds