€1.292 billion of demand is not €1.292 billion received
Claim
The issue brought €1.292 billion into Andorra.Who said it
An interpretation of the data under examination; not a verbatim quotation attributed to a person.
Andorra · public documentation
Verdict
FalseWhat we checked
Announced demand was €1.292 billion; the amount issued was €500 million in nominal terms.
The investigation
Investor orders express demand. Only allocated orders become issued debt. The release distinguishes these figures and describes advance refinancing of €500 million maturing in February 2027.
Context
Demand above supply can show investor interest. Unallocated orders do not become public revenue. The nominal amount alone also does not establish net cash receipts after fees.
Right of reply
The government highlights investor confidence and explains refinancing. No public reply specifically addressing this check located at closure.
How we reached the verdict
1,292 / 500 = 2.584: demand was about 2.58 times the nominal issue. Treating all demand as money received is false.
Limitations and unavailable information
Settlement accounts and fees are unavailable. We do not attribute this confusion to the government: its release distinguishes demand and issuance.
Sources and documents
Methodology
We check claims against documents and data, prioritising primary sources. We explain the context, limitations and grounds for our verdict. Editorial review precedes publication; material corrections are documented on this page.
We also verify our own publications.
Reviewed by: Contrast documental i revisió assistits per IA · publicació autoritzada pel propietari
Corrections
No published corrections.