The Treasury starts October emissions next week with auctions of bills, green bonds and State obligations
MADRID, 1 Oct. (EUROPA PRESS) -
In the last year, households have gone from having 25 million euros in Treasury bills in July 2022 to 18,523 million in July 2023, while non-financial companies have increased their holdings of short-term debt from 46 million to 6,485 million.
According to the latest data published and collected by Europa Press, the high profitability of short-term securities has had a very considerable effect on the distribution of Treasury Bill holdings, where households and non-financial institutions have notably increased their participation in last year, going from a share of 0.1% in July 2022 to 35.2% in July 2023.
Specifically, households have gone from having 25 million euros in July 2022 to 18,523 million in July 2023 in the last year, and non-financial corporations from 46 million to 6,485 million.
And the improvement in the interest rates offered, in line with the latest increases in interest rates by the ECB, has maintained the markets' investor appetite for Spanish securities.
Thus, individual investors are showing great interest in purchasing debt, mainly in the short term, given its high profitability, which has been growing since the beginning of 2022, especially in the case of shorter-term bills.
In fact, according to the latest data published by the Treasury, individual investors hoarded 16,608 million euros in bills until June, 23.39% of the total, being the second holders in the purchase of this type of debt, after non-residents. , which group together 23,675 million (33.34% of the total).
Next week, the Public Treasury starts the issuances corresponding to the month of October with auctions of bills, green bonds and State obligations, according to the calendar published by the body dependent on the Ministry of Economic Affairs and Digital Transformation.
Thus, and according to the public body's calendar, the October issues will start on Tuesday the 3rd, with this auction of 6 and 12 month bills, which will be followed by another on Thursday in which bonds, State obligations and a reference to the so-called 'green bonds' that seek to contribute to the financing of Spain's commitments to the ecological transition.
In the last issue of 6- and 12-month bills, held on September 5, the Treasury placed 4,940.97 million euros and did so by offering higher returns for the 6-month bills, but cutting the interest on the 6-month bills. 12 months.
Specifically, for 6-month bills the Treasury offered a marginal profitability of 3.679%, while for 12-month bills the marginal interest was 3.680%.
But Tuesday's will not be the only bid this week. Next Thursday, the Treasury will issue three references for State bonds and obligations.
In that auction on Thursday, the organization will offer investors a new reference of 5-year State bonds, with a coupon of 3.5%; State Obligations, with a residual life of 9 years and 10 months, with a coupon of 2.35% and State Obligations with a residual life of 18 years and 10 months ('Green Bonds'), with a coupon of 1%.
It is the fifth time that the Treasury has reopened an auction of this 'green bond', which debuted in September 2021 and is the second issuance of this type so far this year. In the first, held last April, 1,441.23 million were raised, compared to a demand of 2,206.23 million, at a marginal interest of 3.812%, higher than the previous auction held in November 2022 (3.601% ).
These first October issues will be followed by others on the 17th, with three- and nine-month bills, and another on the 19th, of bonds and State obligations.
The gross issuance by the Public Treasury will be 256,930 million euros this year, which represents an increase of 8.2% compared to what is estimated for 2022, due to the rise in interest rates.
For its part, the net debt of the Public Treasury in 2023 will remain at 70,000 million. Breaking down by type of instrument, it is expected that the Treasury Bills will provide negative net financing of 5,000 million, so the State bonds and obligations, along with the rest of the debts in euros and in foreign currencies, will contribute the remaining 75,000 million.