The decision of an entity with the global presence of Santander to repatriate its bond program to Spain is important news. What does this milestone mean for the national fixed income market in terms of confidence and positioning?
Firstly, it represents important support for the stock market in Spain. The fact that a global entity like Banco Santander has decided to list with us its main debt program – through which it obtains practically all its financing in international markets and which moves billions of euros a year – is, without a doubt, a privilege and a reason for pride; Furthermore, it sends a very powerful message to the international investment community. On the other hand, this movement confirms that the reforms carried out in recent years make sense, are useful for issuers and contribute to attracting attention to the Spanish markets. This is not an isolated event, but a trend that we have been observing since 2019, a period in which we have already seen 12 reference issuers in Spain, from different sectors, bring their issues to the Spanish market for an amount greater than 60,000 million euros. Likewise, in terms of positioning, this step places us in the big leagues, among the reference international fixed income markets. We hope that this movement, beyond its technical nature, has a driving effect and that other issuers join BME.
Traditionally, many Spanish issuers went to international locations for greater certainty in the processes and execution times that they believed they could not find here. What have been the key factors (regulatory, technological or cost) that have allowed BME to be the preferred option for a banking giant today?
There are three main aspects that I would highlight as drivers of this change. First, greater regulatory simplicity. In recent years, various reforms have been carried out in the Securities Market Law which, with regard to fixed income, have introduced two relevant changes. On the one hand, issuances of notes with maturities of less than 364 days no longer require a registered issuance prospectus, greatly simplifying the process. On the other hand, supervisory powers in the area of admission to trading have been transferred to BME, which allows issuers to deal with a single interlocutor for the listing of their securities. This regulatory simplification also entails an advantage in terms of costs, generating savings that are effective for issuers. Finally, I would highlight the efficiency derived from the simplification of the process itself: the fact that an issuer can centralize all its emissions in the same environment gives it a clear operational advantage.
We are seeing a proactive effort by BME to attract issues that previously went away. Do you perceive a change of mentality in the treasurers of large Spanish corporations regarding their infrastructure?
Yes, clearly. The position traditionally held by financial directors of large companies when deciding where to issue is evolving. There was a certain inertia and the perception that the Spanish market did not adequately respond to its execution needs. However, this vision is changing following the latest operations. In particular, the step taken by Banco Santander has contributed to reinforcing the idea that Spain is a place capable of offering a competitive proposal for issuers. This is sparking greater interest on the part of companies in considering the Spanish market as an option to list their emissions.
BME has a technological platform with global reach. How is this technical capability making it easier for issuers to feel comfortable placing investors around the world?
Precisely, this technological platform is what allows us to assume a greater volume of emissions in the Spanish market. Furthermore, integration into the SIX Group gives us that international approach that issuers demand. I would highlight three fundamental pillars. Firstly, the interconnection of our international trading systems: the fixed income trading system is connected to the main global information dissemination channels, allowing investors around the world to easily access emissions information. Secondly, the interconnection of post-trading and payment systems, which makes it easier for international investors to move securities between different depositories and keep them in their portfolios without friction. Finally, I would highlight compliance with common international standards in European markets, which guarantee that all participants have the same information and reinforce investor confidence.
What is BME’s next objective in this repatriation strategy? Is there any specific sector or type of asset (such as green or social bonds) where Spain aspires to be the European benchmark for issuance?
We consider that we have a competitive offer and that we can approach issuers to show them the advantages of carrying out their issues through BME. In this sense, our strategy involves direct dialogue with them, with the aim that they take us into account and value the advantages of listing their emissions in our market. This is a transversal strategy, which covers all instruments and types of assets. However, there are areas in which BME is already a leader, such as sustainability. Currently, our markets have around 150 registered issues – for an amount close to 30 billion euros – labeled as green, social or sustainable bonds. Furthermore, our issuers stand out internationally in this type of financing. A relevant example is the Community of Madrid, which has been the first public administration in the European Union to adopt the new label of the European green bond standard. Therefore, we believe that we can offer a clear value proposition to issuers, based on the simplification of processes, the possibility of relying on existing structures and the fact of having Spain as a reference market. Added to this is a key element: proximity to the regulator, which allows for greater operational efficiency.
BME has published its 2025 annual fixed income report. What data would you highlight about it and the evolution that fixed income may have in this year?
Indeed, a few days ago we published the fixed income report corresponding to 2025, as is tradition at this time. The report reflects that 2025 was a very positive year for capital markets in general and for fixed income in particular, with a very significant increase in both the volume of issues and transactions in our markets. However, this scenario has changed in 2026 as a result of the start of the conflict in Iran. Although we began the year with favorable prospects for lower interest rates, these expectations could now be modified, mainly due to fear of a rebound in inflation derived from the increase in energy prices. In this context, everything indicates that it will be a very interesting exercise, in which it will be key to closely follow the decisions and messages of the monetary authorities to understand the evolution of the market and the prospects for the end of the year.