• Investment Beyond deposits and Treasury Bills: the savings product factory gets under way

The rise in rates and the low remuneration of savings in banks continues to fuel the fever to buy Bills and Public Treasury Bonds.

Yesterday's auction yielded a remuneration of 2.675% and 2.839% for Bills at six and 12 months, respectively, but analysts believe that

treasure mania

still has a way to go because yields will continue to rise in the coming months.

The queues in recent weeks at the doors of the Bank of Spain reflect the dimension of the phenomenon.

"The interest is understandable, but

the queues are ridiculous

because you can buy through the internet or through a bank, although it is true that in entities you have to pay commissions," says

Víctor Alvargonzález

, director of strategy and founding partner of financial advisory firm

Nextep Finance


He was one of the first, back in November, to focus on these investment products that have been forgotten for many years, specifically, all those that the European Central Bank (ECB) has maintained the price of money at historic lows.

Now that the Eurobank has just announced the fifth rate hike since the summer, experts understand the attraction that they are reawakening and take it for granted that the 3% level in terms of profitability will be consolidated in the next auctions.

"It is very likely that the bills will already cross that barrier in the next auctions

, taking into account that the ECB still has more rate hikes ahead of it in its strategy to deal with inflation," says

Borja Ribera

, professor at

EAE Business School

and director at GVC Gaesco.

"Taking into account the differential with other types of products with a more conservative profile, such as deposits or interest-bearing accounts, the interest that Letters and bonds are arousing is normal. There are other fixed-income assets that are attractive, but not with that security," he added.

double demand

Demand grows exponentially between issuance and issuance.

The one that took place yesterday reached 10,190.79 million euros, twice the amount awarded by the Treasury, which finally amounted to 5,062.76 million.

The appetite, in fact, begins to move to the secondary market, where industry sources comment that some brokers are considering lowering brokerage commissions to attract new clients.

Can this demand have an impact on the Spanish debt?

"No. Nothing. None. It is the big banks and the big national and international financial institutions that play that role," they point out in the sector.

"And obviously, with these yields, they are buying a lot," they add.

For Víctor Alvargonzález, auctions are not the only way to take advantage of the potential offered by Treasury Bills and Bonds, and he points to

monetary funds.

"You can invest in the same type of assets but they even give you a higher yield, if they are combined with another type of quality corporate debt," he points out in conversation with EL MUNDO.

"With the forecast that interest rates will continue to rise a little more, the investor can go to short-term monetary, which pays you more when they are renewed, and then enter longer terms once the ECB has already raised the rates. types," he says.

"If it is chosen well, the monetary fund could reach a return of

around 4%,"

says the founder of Nextep Finance.

In his opinion, a good monetary fund must meet three requirements: very low management fees ("no more than 0.15%");

that there be real fund management work ("also taking advantage of corporate fixed income"), and that it play with duration ("that it not be launched too soon after one year expires").

Both Alvargonzález and Ribera coincide in betting on a combined strategy of short terms in the first movements with longer terms a little later.

Within this framework, both point out that "3 or 6-month bills are more interesting now than 12-month bills."

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