Corporación de Reservas
Estratégicas
de Productos Petrolíferos

Public Law Corporation
under the aegis of the
Ministry for the
Ecological Transition

Bond issues

CORES funds almost all of its assets through external resources that come from financial institutions and financial markets. 

Since it was founded, CORES has issued bonds six times between 2003 and 2017.

The first bond issue was in 2003, for the amount of EUR 350 million, with a 10-year term and a foreign level of demand of approximately 80%. 

In 2008 the second transaction was placed in the markets for a total of EUR 500 million, with a 10-year term. As occurred with the previous issue, there was a high level of foreign demand.

In order to cover the maturity of the 2003 issue, a third bond issue was launched in 2013 for an amount of EUR 350 million and a 3-year maturity date. In this issue there were a total of 90 orders recorded, for a book volume of up to 825 million euros. 

The fourth bond issue was in October 2014 for an amount of EUR 250 million and 10-year term. 2.6 times oversubscription allowed CORES to print a no-grow trade at SPGB +39 bps.

The fifth bond issue was in November 2015 for an amount of EUR 350 million and 7-year term. 2 times oversubscription allowed CORES to print a no-grow trade at SPGB +41 bps, the lowest coupon ever paid by CORES (1.5%).

Finally, in November 2017, the sixth bond issue was carried out for an amount of EUR 400 million and a 10-year term. The good acceptance among investors made it possible to close the transaction with a spread of 28 basis points over the Spanish Treasury.

The investment base has been mostly international, with France standing out (39%). A breakdown by investor type reveals a division between insurance companies/pension funds (41%), fund managers (34%), banks (21%), central banks (4%).

Currently, the outstanding debt instruments admitted for trading in secondary markets issued by CORES are the following:

 

Type of issueIssue dateOutstand. bal.

(millions €)
Maturity dateInterest rateMarkets where listed
Straight bonds24/11/201740024/11/20271.75% annual Act/ActAIAF / Luxembourg Stock Exchange
Straight bonds27/11/201535027/11/20221.50% annual Act/ActAIAF / Luxembourg Stock Exchange
Straight bonds16/10/201425016/10/20242.50% annual Act/ActAIAF / Luxembourg Stock Exchange

 

November 2017 issue
IssuerCorporación de Reservas Estratégicas de Productos Petrolíferos ("CORES")
Amount400,000,000 €
Term10 years
Maturity date24-Nov-27
Coupon1.75% annual Act/Act (Payable annually)
Nominal unit amount100,000 €
Issue price99.510%
LawSpanish law
Quotation marketAIAF Fixed-Income Market, Luxembourg Stock Exchange
Issue ratingBBB+ from Fitch, BBB+ from Standard & Poor’s
ISINES0224261059
Joint book-runnersBBVA, HSBC, Crédit Agricole CIB, SG CIB
November 2015 issue
IssuerCorporación de Reservas Estratégicas de Productos Petrolíferos ("CORES")
Amount350,000,000 €
Term7 years
Maturity date27-Nov-22
Coupon1.50% annual Act/Act (Payable annually)
Nominal unit amount100,000 €
Issue price99.28%
LawSpanish law
Quotation marketAIAF Fixed-Income Market, Luxembourg Stock Exchange
Issue ratingBBB+ from Fitch, BBB+ from Standard & Poor’s
ISINES0224261042
Joint book-runnersBBVA, HSBC, SG CIB

October 2014 issue
IssuerCorporación de Reservas Estratégicas de Productos Petrolíferos ("CORES")
Amount250,000,000 €
Term10 years
Maturity date16-Oct-24
Coupon2.50% annual Act/Act (Payable annually)
Nominal unit amount100,000 €
Issue price99.520%
LawSpanish law
Quotation marketAIAF Fixed-Income Market, Luxembourg Stock Exchange
Issue ratingBBB+ from Fitch, BBB from Standard & Poor’s
ISINES0224261034
Joint book-runnersHSBC, Santander GBM, SG CIB
Breakdown by investor type in 2017 issue
Geographic breakdown in 2017 issue
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