Investing in ICO means being part of the sustainable transformation of the country and is synonymous with future profitability

In order to perform its activities, Instituto de Crédito Oficial raises funds on financial markets.

The debt and obligations that it issues to raise funds in the markets are guaranteed by the Spanish State. This guarantee is explicit, irrevocable, unconditional and direct.

ICO's own funds are of the highest quality (equity and reserves). ICO has not issued neither subordinated debt, preferred stocks, contingent convertibles nor any other hybrid instruments.

ICO bond issues have the following characteristics:

  • ICO debt is treated in the same way as public debt when funds are raised abroad: it is not subject to withholding tax.
  • 0% risk weighting*.

ICO's funding policy for 2023 is based on the following:

  • Its annual funding programme for 2022 is around 5 - 6 bn euros.
  • EUR benchmark transactions
  • Promotion of the sustainability bond market: further issuance of Social and Green Bonds
  • Preference for short to medium maturities
  • Access to non-euro markets

*Minimum risk applicable in accordance with European Prudential Regulations.


Data updated to February 2024

  • Annual evolution