The Treasury places 5,056 million in the first bill auction of the year and cuts the 12-month remuneration

MADRID, 9 Ene.

The Treasury places 5,056 million in the first bill auction of the year and cuts the 12-month remuneration


This Tuesday, the Public Treasury placed 5,056.1 million euros in an auction of six- and twelve-month bills, in the expected mid-range, and did so by raising the remuneration offered to six months, but cutting that granted to twelve months. according to information published by the Bank of Spain.

This has been the first auction of bills of the year after having inaugurated last Thursday, January 4, the 2024 issues with an auction of bonds and obligations in which it raised almost 6,892 million euros, although at lower returns than in the previous ones. previous auctions.

Despite reducing the interest offered on twelve-month bills, the high levels of profitability have maintained the markets' investment appetite for Spanish securities. The joint demand of both references, however, has not reached the point of doubling what was awarded, with requests of 8,723.9 million euros.

Specifically, the Treasury has placed 1,036.65 million euros in six-month bills, compared to a demand of 2,572.65 million euros, and has offered a marginal profitability of 3.635%, somewhat above the previous 3.620%.

In the auction of twelve-month bills, the body dependent on the Ministry of Economy has awarded 4,019.45 million euros, with requests of 6,151.33 million from investors, and the marginal interest has been placed at 3.314% , slightly below the previous 3.327%, reaching its lowest level since May.

The yields on sovereign debt began to fall after the maximums reached in October and this has been reflected in the auctions held since that date by the Public Treasury. Investor demand, in any case, remains strong, especially for bills.

In fact, during 2023, the high interest of domestic investors in this type of paper was especially significant. Thus, retail investors increased their holdings to 22,893 million euros at the end of last October, representing more than 30% of the total bills in circulation, the highest to date, compared to 2.4% at the end of 2022. .

This Tuesday's auction was the second held by the Treasury since the departure of Nadia Calviño to the European Investment Bank (EIB) and the appointment as Minister of Economy, Commerce and Business of Carlos Body, former Secretary General of the Public Treasury.

This Tuesday, the details of the Treasury's financing strategy for fiscal year 2024 are also scheduled to be announced.