Bonds and promissory notes

Instruments for diversifying the sources of corporate financing

Boosting complementary financing through ICO

The Instituto de Crédito Oficial (ICO) plays a key role in strengthening complementary sources of finance for businesses. Its participation as an investor contributes to the dynamism of this market by facilitating companies' access to alternative financing through the issuance of fixed-income securities, such as notes and bonds.

Promissory note programmes allow companies to meet short-term liquidity needs, while longer-term bond issues support the financing of investment projects and the improvement of the corporate financial structure.

ICO promotes the diversification of funding sources, complementing the traditional banking offer. This strategy aims to support the growth of enterprises of all sizes and sectors, with a particular focus on small and medium-sized enterprises.
In addition, ICO channels resources from public funds through the purchase of fixed-income securities issued in organised markets such as AIAF and MARF, helping to finance business investment plans.

ICO's main lines of action in complementary financing:

With these initiatives, ICO reinforces its commitment to economic development, sustainability and business innovation, consolidating its role as a catalyst for alternative financing in Spain.

ICO is promoting a programme of direct financing through the purchase of bonds and debentures issued by Spanish companies. These instruments make it possible to finance medium- and long-term investment plans, thus fostering companies’ financial stability. Investment is prioritised in issuers that have sustainability certifications or are included in responsible indices, thus promoting projects that contribute to improving companies’ environmental and social performance.

This line is aimed at financing large infrastructure projects through the purchase of bonds linked to specific projects. It is a key tool to support strategic initiatives in sectors such as transport, energy, telecommunications and the environment, which require significant and long-term investments. ICO acts as a catalyst, facilitating the financial viability of these projects and attracting other institutional investors.

Through the MARF market (Mercado Alternativo de Renta Fija - Alternative Fixed Return Market), ICO directly underwrites promissory notes and bonds issued by companies with programmes registered in this market. This action makes it possible to inject short-term liquidity through promissory notes, and to finance medium- and long-term investments through bonds. The aim is to support companies seeking to diversify their sources of financing, especially SMEs, and to strengthen their capacity to grow and adapt.

ICO also participates in investment programmes in securitisation assets, which enable it to channel financing to SMEs and the self-employed. To this end, it requires originators to make an explicit commitment to generate new financing in Spain. This condition guarantees that ICO investment translates into a greater granting of credit, especially directed at the productive fabric, promoting economic activity and job creation.

Around EUR 1.9 billion of additional funding to be made available in 2024


DIRECT ACTIVITY. COMPLEMENTARY FINANCING	Drawn down 2024 € Million	Operations
Corporate bonds	557	11
MARF bonds	16	2
MARF promissory notes	975	315
Asset-backed securities	326	4
Total	1,874	332

Securitisation bond purchase programme

ICO started its activity as an investor in securitisation bonds in 2017, when ICO approved a framework for investment in securitisations, in line with its Strategic Plan. This framework establishes the characteristics of the transactions to be considered in terms of asset type, credit quality and maturity. ICO's participation seeks to ensure an impact on new credit granting in general, and credit aimed at the productive fabric in particular, as well as alignment with its aims, for example, in terms of sustainability. As of 31/12/2024, ICO had invested €2.1814 billion in 21 companies.

In addition, to complement our product catalogue, we also partner in new forms of financing, participating in Aquisgrán, a pioneering initiative in Europe that finances SMEs through Mutual Guarantee Societies (MGS).

Aquisgrán loans

The ICO participates in Aquisgrán, which finances SMEs and the self-employed with long-term loans guaranteed by the MGSs. In this way, SMEs and the self-employed domiciled in Spain improve their access to credit, diversifying their sources of financing and complementing the traditional banking channel.

Aquisgrán finances the loans through the issuance of up to EUR 260 million in securitisation bonds progressively subscribed by ICO, backed by a bilateral guarantee from the EIF (European Investment investment Fund), which are listed on the Alternative Fixed Income Market (MARF).
Since its creation in June 2021, Aquisgrán has financed more than 3,100 SMEs with an average loan amount of €80,000 and an average term of 6 years.

La información contenida en esta página web y los anuncios relacionados con ella no está dirigida ni puede ser utilizada por personas que no ostenten la condición de inversores profesionales y contrapartes elegibles en el sentido de la jurisdicción pertinente ("Personas Relevantes"). Las personas que no se incluyan en la definición de ''Personas Relevantes'' arriba indicada, no deben acceder a esta página web.

La información y los documentos que aparecen en esta página web y sus anuncios relacionados son exclusivamente de carácter informativo. Ningún contenido de esta página web y sus anuncios relacionados puede interpretarse como una oferta, ni invitación ni recomendación, para la suscripción o la adquisición, la tenencia o la venta de cualquier activo financiero.

La distribución de la información y los documentos contenidos en esta página web puede estar prohibida o limitada por ley en algunas jurisdicciones. Se deniega el acceso a las personas a las que se apliquen estas restricciones en dichas jurisdicciones. La información y los documentos contenidos en esta página web no están dirigidos ni pueden ser vistos ni distribuidos a ninguna persona residente o físicamente presente en los Estados Unidos de América, salvo lo estipulado en la Norma 144A de acuerdo con la Ley sobre Activos Financieros (Securities Act) en relación con "inversores institucionales cualificados" (QIBs).

Se deniega el acceso a toda persona a quien estas restricciones les sean de aplicación. Cada visitante de esta página web tiene la obligación de informarse debidamente y a cumplir con las restricciones correspondientes. El Instituto de Crédito Oficial (ICO) no asume ninguna responsabilidad en caso de alguna infracción en este sentido.

NO SOY RESIDENTE EN EE.UU. NI EN NINGUNA JURISDICCIÓN EN QUE EL ACCESO A ESTA INFORMACIÓN ESTÉ LEGALMENTE LIMITADA Y ESTOY DE ACUERDO CON LO EXPUESTO ANTERIORMENTE

Como consecuencia de la información anterior, en esta sección de esta página web usted confirma que no es residente en los EE.UU. ni en ninguna jurisdicción en que el acceso a esta información esté legalmente limitada y que no distribuirá aviso alguno ni documentación contenida en la misma a alguna persona residente en los EE.UU. ni en ninguna jurisdicción en que el acceso a esta información esté legalmente limitada. Ninguna información desplegada en las siguientes secciones constituye una oferta de venta de activos financieros en los EE.UU.

ACEPTO NO ACEPTO

El Instituto de Crédito Oficial no ha efectuado ni tiene la intención de efectuar el registro de cualquiera de sus activos financieros (ni tampoco la garantía de los mismos ha sido o será registrada), de acuerdo con la Ley estadounidense de 1933 sobre activos financieros o con cualquier Ley estatal estadounidense sobre activos financieros que resulten de aplicación, ni realizará oferta pública de venta de activos financieros en los EE.UU. El ICO cumple la normativa en materia de exención de la inscripción de sus activos financieros, de acuerdo con la mencionada ley estadounidense de 1933 sobre activos financieros, según la cual éstos se ofrecerán a la venta sólo a "inversores institucionales cualificados", según lo previsto en la Norma 144A.

The information contained in this website and its related advertisements is not directed at and may not be acted on by anyone other than professional investors and eligible counterparties with the meaning of the relevant jurisdiction ("Relevant Persons"). Persons who do not fall within the definition of ‘‘Relevant Persons’’ above should not enter this website upon it.

Information and documents contained in this website and its related advertisements are for information purposes only. Nothing on this website and its related advertisements constitutes an offer or an invitation or recommendation to subscribe to or to purchase, to hold or sell any securities.

Distribution of information and documents contained on this website may be forbidden or limited by legislation of some jurisdictions. Access is denied to persons to whom these restrictions in such jurisdictions apply. The information and documents contained on this website are not directed at and may not be viewed by or distributed to any person resident in the United States of America or physically present in the United States of America, except the provisions set forth in rule 144A under the Securities Act, regarding "qualified institutional buyers".

Access is denied to persons to whom these restrictions could be applied. Each visitor to this website is required to inform himself accordingly and to comply with applicable restrictions. ICO is by no means liable for any such infringement.

I AM NOT RESIDENT IN THE U.S. OR IN ANY JURISDICTION IN WHICH THE DISTRIBUTION OF THIS INFORMATION IS LEGALLY LIMITED AND AGREE WITH THE ABOVE TERMS.

As a consequence of the previous information, at this website section you confirm that you are not a resident of the United States of America or of any jurisdiction in which the distribution of this information is legally limited and that you will not distribute any of the information and documents contained hereon to any person resident in the United States of America or in any jurisdiction in which the distribution of this information is legally limited. None of the information displayed in the following sections is an offer of securities for sales in the United States of America.

I ACCEPT I DO NOT ACCEPT

Instituto de Crédito Oficial has not registered, and does not intend to register, any of its securities (nor the guarantee thereof has been or will be registered) under the United States Securites Act of 1933 or any applicable U.S State Securities Laws or to conduct a public offering of securities in the United States of America. Instituto de Crédito Oficial is complying with rules concerning the exemption from the registration of its securities under the United States Securities Act of 1933, by which those securities will be offered only for sales to "qualified institutional buyers" (QUIBs) pursuant to rule 144A.