The Public Treasury has returned to the market in search of financing for the first time in June with an auction planned for short-term debt, 6 and 12 months, and is paying investors yields that were not seen in the last eleven years.
In the case of twelve-month bills, Spain has placed a total of 3,985 million euros, with a marginal interest of 3.468%, higher than the 3.247% of the May auction, and which represents a new maximum since July 2012, in what has been a usual trend of the latest placements in the face of the increase in interest rates in the euro zone. Likewise, and after the fall in yields in April, the return offered by Treasury Bills returns to growth, more in line with the 3.3% of March.
The auction on Tuesday has resulted in great demand, mainly on six-month securities, as it has exceeded the offer by 3.3 times. In total, the Treasury has placed bills for an effective amount of 979 million euros, at a marginal interest rate of 3.39%, which is higher than the last reference that stood at 3.14% and is also at the highest of 2012.
If the comparison is made with the auctions held a year ago, at that time, the six-month bills were still in negative rates (-0.06%) while the twelve-month debt was required a return of 0.488%.
The total amount awarded was 4,964 million, a volume that was in the middle part of the agency's forecast, which ranged between 4,500 and 5,500 million euros. Total demand has climbed above 9.300 billion euros.
The Public Treasury expects to reduce its net issuance by 5,000 million euros during this year, to 70,000 million. By type of instrument, it foresees that the Letters provide "negative" net financing for 5,000 million, so that the State Bonds and Obligations, together with the rest of the debts in euros and in currencies, would finance a total of 75,000 million.
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