A successful year for the treasury. With the last auction of the year, the utility closed an application with 30% of invoices being short-term assets (3 to 18 months). in the hands of individuals. Altogether, retail investors have focused on purchasing these leased assets in recent months. above what major banks offer for depositsthey increased their assets up to 21.3 billion euros At the close of last September 30th. About an unprecedented high This contrasts with the 2.4% they represented at the end of last year.
The same thing happens in this case: non-resident investorsThey increased their holdings of government debt. It is at the level of 40.7% both in absolute and relative terms.
ends in 2023 total net exports 65,000 million euros5,000 million less than originally planned. Gross export was 252,000 million. The reduction in net funding is in line with the Government’s commitments. reduce the deficit and debt ratio In terms of gross domestic product (GDP), according to the latest estimates, this ratio will fall to 108.1% of GDP in 2023 and 106.3% in 2024.
Increase in interest rates
The Treasury emphasizes that targets are achieved “in a defined context”. international uncertaintyHE increase in interest rates and the end of the European Central Bank’s (ECB) net purchases. Despite all this, there was “high demand and high participation of international investors in both syndications and ordinary tenders”. “It remained at very limited levels.”
State agency “Expectation“This situation in recent years has allowed financing costs to fall despite the rise in interest rates. The total cost of debt is at 2.09%, only 36 basis points higher than last year, compared to the 450 interest rate. The average cost of debt issued this year is 3 percent .4, while the average life of the debt, currently close to 8 years, “makes it possible to soften the impact of rising interest rates and reduce refinancing risks.” Treasury.