This Ministry of Economy He does not wait for the decision of the European Central Bank (ECB) to begin to reduce your portfolio Public debt the euro zone for the first time since it began buying in 2015. topic for government funding. This was confirmed by the US on Thursday. Secretary General of the TreasuryConvinced that the monetary authority will replace him, Carlos Cuerpo private investors. “No discontinuity is observed; on the contrary, a strong and solid demand“He was caught.
The ECB announced it in mid-December as part of its strategy. monetary policy tightening which to fight inflation March will stop reinvesting the capital of the debt that is due asset purchase program APP (not that of the special program due to the pandemic). Debt portfolio from then until the end of June 15,000 million will fall The monthly euro is a rate that will be reviewed from the third quarter.
Currently, the ECB has 33.7% of Spanish public debt However, the Treasury does not expect its reduction to cause financing problems for the State. On the one hand, because the exit of the central bank will be “progressive”. but also for him private demand increase Due to the increase in the official price of money by the monetary authority, it caused an increase in debt ratios. This Thursday’s auction thus made the demand at 13,000 million, the third largest in history.
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“You are making an observation renewed interest for the purchase of public debt individuals, financial institutions and foreign investors“, reassured Cuerpo. Thus the increase in debt ratios and the fact that banks are increasing their salaries very slowly deposit The attractiveness of government bonds, which have been providing minimum or even negative yields for years, is increasing. The banks themselves increased their Spanish debt portfolio by 26,000 million last year, reaching 13.57% of the total outstanding debt.
“Of course I advise Spanish and foreign savers and investors to invest in Spanish debt instruments, not only because of the profitability element that makes them competitive instruments in the financial market, but also for the stability and security aspect of the financial market. The risk profile and uncertainty of the investors. Currently, the Treasury Investing in is a safe option. And profitable,” argued the general secretary.
The Treasury plans to issue €70.00 million net debt next year in line with 2022. Failure to renew a syndication issue that expired in 2012 resulted in a statistical decrease in renewals last year.