Commentary & Deal Flow

The Kingdom of Spain (country: Spain) rated A+/A/A3/AH/A (stab/stab/stab/stab/pos) (S&P/Fitch/Moody's/DBRS/Scope), has mandated Barclays, BBVA, Credit Agricole CIB, J.P. Morgan, Morgan Stanley and Santander (DM/B&D) for a new Green Obligacion del Estado syndicated Long 20-year €4bn WNG benchmark maturing on 30-Jul-47.

An expected €4bn WNG, Reg S/144A, Green 20yr € offering will follow in the near future, subject to market conditions.

• Syndicate: All remaining primary dealers in the Kingdom of Spain government bond market will be invited into the syndicate.
• Format: Reg S Cat1, 144A eligible and contain CACs.
• Listing: Madrid (AIAF Mercado Renta Fija).
• Stabilisation: FCA/ICMA stabilisation.
• Target Market: Eligible counterparties, professionals and retail (all channels for distribution), each as defined in MiFID II / UK MiFIR.
• Use of Proceeds: In accordance with the Kingdom of Spain’s updated Green Bond Framework.
• Co-Green Structuring Coordinators: Crédit Agricole CIB and Santander acted as Co-Green Structuring Coordinators of the Green Bond Framework update.
• Documents:
  • Green Bond Framework: https://www.tesoro.es/sites/default/files/Presentacion/Kingdom%20of%20Spain%20Green%20Bond%20Framework_EN_vf.pdf
  • Second Party Opinion (Sustainable Fitch): https://www.tesoro.es/sites/default/files/Presentacion/Second%20Party%20Opinion%20Sustainable%20Fitch%20-%20KoS%20Green%20Bond%20Framework%202026.pdf
  • Investor Presentation: https://www.tesoro.es/sites/default/files/publicaciones/Kingdom%20of%20Spain%20GB%20Framework%20Presentation.pdf
  • For more information on previous allocation and impact, please see the latest Allocation and Impact Report: https://www.tesoro.es/en/deuda-publica/informacion-para-inversores
• Disclaimer: securities referenced have not been registered with the u.s. securities and exchange commission due to an exemption or exemptions from registration under the securities act of 1933. a copy of the preliminary offering memorandum and final offering memorandum (when available) may be obtained by eligible investors from your barclays sales representative. barclays bank plc (bbplc) is authorised by the prudential regulation authority (the pra) and regulated by the pra and financial conduct authority in the united kingdom and barclays bank ireland plc (bbi) is regulated by the central bank of ireland. where bbplc is acting as manager, bookrunner or placing agent in connection with the securities, bbplc is acting exclusively for its issuer clients (the issuers) and for no-one else in connection with the bookbuild and allocation process for the issuance of the new securities. bbplc will not regard any other person (whether or not a recipient of this communication) as a client in relation to the new securities and will not be responsible to anyone other than the issuer themselves for providing the protections afforded to clients of bbplc, nor for providing services and/or advice in connection with the offering of notes. please contact your sales representative if you have any further questions. whether bbplc or bbi is acting as manager, bookrunner or placing agent in connection with the new securities, information on the bbplc or bbi fee (as the case may be) in connection with the new securities is available from your usual sales representative upon request.