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Azpiazu concludes the presentation of the Euskadi Sustainability Bond, identifying significant investor interest.

2024 February 6

Today, the Regional Minister for Economy and Finance, Pedro Azpiazu, presented the eighth issue of the Euskadi Sustainability Bond to investors in Paris. The bond is worth €600 million. This concludes a series of meetings that started yesterday in London held to gauge the reception of the new issue. This will bring the total amount of sustainable debt issued since 2018 to €5 billion.

“During these meetings with various entities, we have observed a strong interest in investing in the Euskadi Sustainability Bond, which we will be issuing in the coming days. These meetings have provided us with valuable insights into the positive evaluation that these professionals have of the Basque economy, its stability, and the robustness of our financial position", stated Azpiazu.

Throughout the meetings with the Allianz Group and Neuberger Berman today, the Regional Minister of Economy and Finance highlighted that at the end of 2023, the Basque Government had a debt of €10,270,731, which included loans and bonds. The debt amounted to 12.8% of the Basque Country’s GDP, which is the lowest among Spain’s autonomous communities and nearly 10 points below the Spanish State average. The Basque Government considers this new issue to be the best debt financing tool, as reflected by the current situation and its suitability.

The excellent rating from the main agencies supports our success in this new issuance. Last year's issue, which amounted to €700m, recorded a seven-fold increase in demand. The sustainability seal on these issuances “facilitates investment by those who exclusively invest in sustainable options.” The Regional Minister for Economy and Finance stated: “we are continuing our strategy of promoting responsible and efficient financing to address the Basque Country’s environmental, economic, and social challenges.” The Minister acknowledged that although the label 'sustainable' does not guarantee success, “it does increase interest and facilitate execution during difficult markets”.

Azpiazu reiterated the need for a sustainable financing framework “aligned with the Spanish Government's 2030 Agenda”, both in Paris and London. The Sustainability Bond Committee selects the programmes to be financed, “taking into account their alignment with the SDGs”, he emphasised.

Azpiazu maintained contacts in Paris and was assisted by Iñaki Barredo, Deputy Regional Minister for the Economy and European Funds, Arantza Larrauri, Director of Fiscal Policy, and Yurdana Burgoa, Head of Cabinet and Coordination.

As part of the roadshow for the eighth issuance of the Euskadi Sustainability Bond, the Deputy Regional Minister for Finance and Budgets, Hernando Lacalle, and the Director of Economics and Planning, Alberto Ansuategi, presented the bond in Frankfurt to Hauck Aufhaeuser Lampe (a private banking institution) and Deka Investment.

Azpiazu and his team visited the Representation of the Basque Government in Paris and had an enjoyable meeting with Arantza López de Muniain.

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