MADRID, 12 Sep. (EUROPA PRESS) -
This Tuesday, the Public Treasury has placed 2,313.26 million euros in 3- and 9-month bills, above the expected average range, and has cut the remuneration of the 3-month reference and raised, although slightly, that offered in the bills. to 9 months, according to data from the Bank of Spain.
The demand from investors has once again greatly exceeded the amount placed in the markets and in this Tuesday's auction the requests have exceeded 5,659 million euros, more than double the amount awarded.
Specifically, the department dependent on the Ministry of Economic Affairs has placed 550.25 million euros in 3-month bills, compared to a demand of 2,231.40 million euros, and the marginal interest offered has been 3.490%, below the 3.535% of the previous auction in August, when the highest percentage was reached since November 2011.
In 9-month bills, the Treasury has awarded 1,763.01 million euros, below the 3,428.35 million requested by investors, at a marginal profitability of 3.737%, slightly above the 3.700% offered in the previous issue. . It fails to reach the 3.810% offered in the issue on July 11, when the highest profitability of this reference was achieved, launched in February 2013.
The improvement in the interest rates offered, in line with the latest increases in interest rates by the European Central Bank (ECB), has maintained the markets' investment 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.
After this Tuesday's auction, the Treasury will return to the markets on Thursday, September 21 with an issue of bonds and State obligations with which it will close the month.
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.
