This Tuesday, the Treasury placed 5,453.57 million in 6- and 12-month bills, with a lower interest in each case. Investor demand has once again far exceeded the objectives, with some 9.7 billion euros, which shows that Spanish debt securities continue to arouse interest among investors, despite the fact that the marginal rate has been reduced in both broadcasts.
In 6-month bills, the organization placed 1,374 million at a marginal interest of 3.554%, lower than the 3.623% of the previous auction, which was held on April 9. The demand has exceeded 3,000 million in this reference.
In 12-month bills, one of the most sought after, there was also a drop in the interest rate, as it was 3.424% in today's operation, compared to 3.449% in the previous auction. In this operation the Treasury obtained 4,079 million euros, with requests reaching 6,600 million euros.
Although it remains high, the marginal interest has been moving away from the maximum levels in a decade achieved at the end of last year, which exceeded 3.8%, in line with expectations of lower interest rates by of the ECB that discounts the market for the month of June.
In the remainder of the month, in the case of bills there will be a 3 and 9 month debt auction in one week, on May 14.
In longer references, this Thursday the calendar includes an auction of 5-year State bonds, in addition to 15-year obligations, obligations with a residual life of 8 years, and indexed obligations with a residual life of 9 years and 7 months. In 5-year bonds, with a 3.50% coupon, the reference is the marginal interest of 2.853% on April 4. In 15-year obligations, with a coupon of 3.90%, the reference is 3.536%. In obligations with a residual life of 8 years, with a coupon of 0.70%, the reference is 3.589%.
At the beginning of the year, the Treasury presented its financing strategy for 2024, after closing 2023 with a net debt issuance of 65 billion euros. For this year, the organization will issue 55 billion of net debt in 2024, 10 billion less than last year.
