The ten-year bond marks the Government of Canarias' return to capital markets in a benchmark format after a five-year absence. The operation received robust support from over 70 investors, with significant international participation accounting for 66% of the allocated volume, led by the United Kingdom and Ireland (20%), Germany (16%), Nordic countries (8%), and Italy (8%), compared to 34% domestic demand.
By investor type, investment funds led with 47%, followed by banks and private banking (40%), central banks and official institutions (6%), and insurers and pension funds (5%).
“"International and national investors trust in Canarias' solvency and its economic and financial policy."
Sustainable bonds are debt instruments aimed at financing projects that generate both environmental and social benefits. Through this issuance, the autonomous community diversifies its funding sources beyond traditional credit.
The issuance's success aligns with the financing strategy set by the Ministry of Finance and the Directorate General of Treasury and Financial Policy, pursuing long-term cost optimization and risk management. Furthermore, this operation enhances the region's transparency and solvency image by re-establishing its presence in the global financial world.
The transaction is part of the recently published Sustainable Financing Framework of the Autonomous Community of Canarias. This framework aims to integrate sustainability into the financing strategy, support the Canary Agenda 2030, attract new investors, and contribute to the sustainable finance market. It is fully aligned with the principles and guidelines of the International Capital Market Association (ICMA) and the EU Taxonomy. The external assessment by Moody´s rated the framework as “Very Good” with an SQS2 score.
The transaction, issued on June 16, 2026, demonstrated strong market appetite. Initial Price Indications (IPIs) started at SPGB +20 basis points. Despite market competition, demand grew steadily, allowing for spread adjustment. Demand exceeded 1.4 billion euros in the morning and 1.6 billion euros by midday, with books finally closing with a total demand of over 2.1 billion euros. This enabled the spread to be set at SPGB +15 basis points, a 5 basis point cut from initial indications.
