Banca March coordinates the listing of a new €1 billion Commercial Paper Programme on the AIAF market for SEPI 20 March 2026 Category: Agreements Through this programme, the State Company for Industrial Investments (SEPI) seeks to diversify its sources of financing. Banca March strengthens its leadership as arranger of short-term programmes in the Spanish market. The SEPI programme highlights the growing interest of Spanish companies in alternative financing through capital markets. Banca March has coordinated a new short-term fixed-income securities programme for Empresa, a subsidiary of the State Company for Industrial Investments (SEPI), for a maximum amount of €1 billion. The programme was registered today on the AIAF Market with Banca March acting as arranger, paying agent and dealer bank. The securities issued will be denominated in euros and may have different maturities of up to 364 days. SEPI will use this programme as an alternative to bank lending. The programme highlights the growing interest of Spanish companies in alternative financing through capital markets. Banca March, leader in short-term issuances Currently, Banca March is the leading institution in the Spanish short-term market, participating in 72 programmes by Spanish issuers, on the MARF, AIAF and on the Irish Stock Exchange (Euronext Dublin). In most cases, the institution has carried out all three core roles in the commercial paper market: registered adviser or arranger, agent bank and dealer bank. On MARF specifically, Banca March acts as registered adviser for 42 of the 83 programmes currently listed, representing 51% of the total, while serving as dealer for 57 of the 83 programmes, or 69%. In terms of volume, at the end of 2025, 43% of the market’s outstanding balance had been placed by Banca March’s institutional distribution desk, amounting to €2.4 billion out of a total €5.553 billion. The programmes in which Banca March currently provides these services are: Elecnor, Tubacex, Barceló, Acciona, IM Fortia 1, Gestamp, Fluidra, Ulma, Sacyr, Euskaltel, Grupo Jorge, TSK, Cie Automotive, Coren, Pryconsa, Sidenor, Sorigué, Abertis, Insur, Urbaser, FCC, Meliá, Vidrala, Grupo Gransolar, FCC Servicios Medioambiente, Técnicas Reunidas, Cementos Molins, Teknia, Nexus Energía, Audax Renovables, García Munté Energía, Ontime, Amper, Acciona Energía, Masorange, Avatel, Greenalia, La Sirena, Grupo Ortiz, Network Steel, Aludium, Record Go, Atlantica Sustainable, Ecoener, Agotzaina, CAF, OPDEnergy, IM Summa, GAM, Cesce FAF, Aedas, Ence, Azvi, Cunext, Dominion, Eroski, Premier, Prosegur Cash, Talgo, Iberdrola, Palladium Hotel Group, Naturgy, COX, Amadeus, Redeia, Enagás, Tradebe, Eurocaja Rural, Grenergy, Secuoya, Repsol and Endesa.