The Treasury will hold two new bills and debentures auctions this week in full fervor of demand, triggered by retailers looking for a safe return for their savings that they cannot find in deposits.
Last Tuesday was a sample, capturing 5,062 million euros in bills for a demand of more than 7,000 million. With the increase in interest, the profitability offered was reduced, below 3%.
In the first stop of the week, this Tuesday letters will be offered to three and nine months. In the 3-month bills, the reference is the marginal interest of 2.198% of last January 17, while in the 9-month bills it is 2.839% of the same auction.
This auction will be the first in which retail investors can no longer acquire debt in person without making an appointment at the Bank of Spain, a measure that has been adopted to prevent the long queues of retail investors that have formed at its branches in recent weeks.
In addition, on Thursday the Treasury will hold a new auction of State bonds with a residual life of 4 years and 5 months, with a 0.80% coupon and maturity on July 30, 2027, and 7-year bonds, with a coupon of 0, 80% and maturity on July 30, 2029.
It will also offer State bonds with a residual life of 9 years and 8 months, with a 2.55% coupon and maturity on January 3, 2032. The reference is the marginal interest rate of 3.313% on November 3.
The 2023 public debt program contemplates a gross issuance of 256,930 million euros, which will mean 8.2% more compared to the 237,498 million gross issuance of 2022.
However, the agency expects to reduce its net issuance by 5,000 million euros this year, to 70,000 million.
