The Resolution of 20 July 2012, by the General Secretariat of the Treasury and Financial Policy, establishing the conditions for the performance of the Public Debt Market Creators of the Kingdom of Spain, regulates the conditions for the performance of the Public Debt Market Creators of the Kingdom of Spain. In addition, this rule enables this General Secretariat to establish the conditions under which the Market Creators will perform the functions entrusted to them, which may derive specialties in the issuance and subscription procedure. of the Debt of the Kingdom of Spain.

In particular, the aforementioned Resolution defines the conditions for subscription of the State Debt and the access to the second round for the Bond Market Creators and Obligations. The General Secretariat of the Treasury and Financial Policy, in view of the current need to meet the timely demand of certain investors, and especially the Market Creators, will be able to hold special auctions whose specificities they advise to introduce certain amendments to the existing rules of the Market Creators.

These special auctions, referred to by the Order for the creation of State Debt of each year, are issued through a transparent and competitive process as the same conditions are imposed on all The Market Creators. The present amendment eliminates the second round in the special auctions and the obligation of the Market Creators to participate in them. It also eliminates the computation of subscriptions in Special Bonds and Obligations auctions for the purposes of the monthly assessment of Market Creators.

By virtue of the above, I have arranged:

Amendment of the Resolution of 20 July 2012, of the General Secretariat of the Treasury and Financial Policy, laying down the conditions for the performance of the Public Debt Market Creators of the Kingdom of Spain.

First.

(a) A last paragraph is added to point 2. of the fifth article. Bond Market Creators ' Rights and Obligations, with the following wording:

"Special auctions do not have a second round, unless this is provided for in the provision for which they are called."

(b) Point 1. of Article 6 is replaced. Bond Market Creators and Obligations obligations.

" 1. Participation in the auctions of Bonds and Obligations of the State. -Each Creator must present at each auction, except for special auctions, petitions for a minimum value of 3 per 100 of the amount awarded by the Treasury for each type of an instrument, at prices not lower than the marginal award, minus:

-5 cents for State Bonds to three years.

-10 cents for State Bonds to five years.

-15 cents for State Obligations to ten years.

-and 30 cents for State Obligations over ten years.

Any auctions in which one of the following two conditions are present shall be excluded from the calculation of compliance with this obligation:

-That the profitability corresponding to the marginal price of the auction is 2 or more basis points below the profitability corresponding to the offer price on the existing secondary market five minutes before the Conclusion of the auction, taking as a reference the price of the screen of the regulated markets or multilateral trading systems with further negotiation in Bonds and Obligations the previous month.

-That a 40 per 100 of the issued volume is concentrated on a single entity.

The General Secretariat of the Treasury and Financial Policy shall make known to the Creators those auctions in which they are subject to one of those conditions. "

Second.

Point 1 (a) of the ninth article. Assessment of the Market Creators, which is worded as follows:

" a) Subscription at the auctions. They shall not compute subscriptions in Special Bonds and Obligations auctions. "

Single end disposition.

This Resolution shall enter into force on the day of its publication in the Official Gazette of the State.

Madrid, January 10, 2013. -Secretary General of the Treasury and Financial Policy, P. S. (Order ECC/1695/2012, July 27), the Deputy Director General of Financing and Management of Public Debt, Ignacio Fernandez-Palomero Morales.