HE public treasury invested 1,985.36 million euros this Tuesday in an auction of letters of three and nine months, It’s in the expected mid-range, according to data released by the Bank of Spain, and it did so by rewarding investors with higher interest rates in both references.
At a time when private investors have shown great interest in acquiring such loans due to their high profitability, which has grown since the beginning of 2022, demand in this auction exceeded 5,367m euros, more than double the amount ultimately awarded.
Special, The agency, affiliated to the Ministry of Economy and Digital Transformation, invested 463.36 million euros in quarterly invoices, compared to the demand of 1,983.96 million.The marginal interest rate stood at 2.940%, up from 2,670% at the previous auction in March, reaching its highest level since November 2011.
The Treasury was at its highest level in nine-month bonds, with a marginal yield of 1.522 million below the 3,383.49 million investors demanded, and a marginal yield of 3.199%, above the previous 3.034%, considering this reference was announced in February. 2013.
It will return to the markets on Thursday.
After this Tuesday broadcast, The Treasury will hold a Government obligations auction next Thursday, where the public agency expects to award between 5,500 million and 6,500 million euros.
Specifically, 7-year Government bonds with 0.80% coupons; Government bonds with a maturity of 10 years with a coupon of 3.15% and a remaining life of 25 years and 6 months with a coupon of 2.70%.
Against these auctions, the marginal interest on past issues was 3.527% for 7-year Government bonds and 3.416% for 10-year Government bonds.
2023 Treasury targets
According to the latest data from the Ministry of Economy, This year, 36.4% of the medium and long-term financing program has been realized so far.. For its part, the average life of outstanding government debt is 7.85 years and the average cost of the portfolio is 1.83%.
The Treasury’s gross issuance this year will be 256,930 million euros, an 8.2% increase over this year’s forecast due to the increase in interest rates.
on his behalf andIn 2023, the Treasury’s net debt will remain at 70,000 million. By instrument types, Treasury Bills are expected to generate 5,000 million net negative financing, while Government bonds and liabilities will contribute the remaining €75,000 million and foreign currency denominated debt.