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The Primary Market

Second round

Since 1991, the possibility has existed for Government Debt auctions to go to a second round. The rules applying to this second round option have recently been changed and now stand as follows.
After Bonos and Obligaciones bids have been entered and resolved on in auction, and before 12.00 hours on the second business day after the auction, a second round will be held exclusively for Public Debt Market Makers.
A maximum of 20% of the nominal amount of each bond allocated at auction will be issued in this second phase.
Market Makers enter their bids, and can be allocated a maximum percentage of the second round issue pro rata with their share of the allocation of the last two auctions.
All bids will be met at the rounded-up weighted average price arising from the auction phase.
Este porcentaje del 20% puede incrementarse en un 20% adicional para aquellas entidades creadoras de mercado que destaquen por su especial compromiso y actividad en el mercado español de Deuda del Estado.