This issuance is held one week before the next ECB meeting, at which a new rate hike is expected
MADRID, 20 Jul. (EUROPA PRESS) –
The Public Treasury has placed 6,439.64 million euros this Thursday in an issue of State bonds and obligations, in the expected high range, and has done so by remunerating investors with higher interests in three of the four references auctioned, according to data published by the Bank of Spain.
Investors continue to show interest in Spanish debt securities, since the joint demand for all references (11,102 million euros) has almost doubled what was finally awarded in the markets.
The Treasury has auctioned in this last issue of July 3-year State bonds, with a coupon of 2.80%; State obligations with a residual life of 4 years 9 months and a coupon of 1.40%; 15-year State bonds and 3.90% coupon; and government obligations with a residual life of 27 years 3 months, with a 1% coupon.
With regard to 3-year government bonds, the agency has placed 1,685.82 million and has achieved a demand of 3,635.97 million, while the marginal interest has stood at 3.310%, higher than the previous 3.260%.
In State obligations with a residual life of 4 years 9 months, the Treasury has captured 1,676.53 million, compared to a demand of 2,661.54 million, and the profitability has been placed at 3.151%, higher than the previous 3.097%.
For its part, the Treasury has captured 1,575.66 million in 15-year State bonds, after achieving a demand of 2,225.94 million, and the marginal profitability has stood at 3.739%, lower than the 3.847% of the last auction.
Finally, the Treasury has placed 1,501.63 million euros in State obligations with a residual life of 27 years 3 months, above the 2,578.65 million requested, with a marginal interest of 3.762%, lower than the 3.578% of the previous bid.
This auction takes place just one week before the next meeting to be held by the European Central Bank (ECB), on July 27, and in which a new rise in interest rates is expected.
The improvement in the interest rates offered, in line with the latest increases in interest rates by the ECB, has maintained the investor appetite of the markets for Spanish bonds. Private investors are showing great interest in buying debt, mainly in the short term, given its high profitability, which has been growing since the beginning of 2022, especially in the case of shorter-term bills.
The gross issuance by the Public Treasury will be 256,930 million euros this year, which represents an increase of 8.2% compared to the estimate for 2022, due to the rise in interest rates.
For its part, the net indebtedness of the Public Treasury in 2023 will remain at 70,000 million. Breaking down by type of instrument, the Treasury Bills are expected to provide net negative financing of 5,000 million, so the State bonds and obligations, together with the rest of the debts in euros and foreign currency, will contribute the remaining 75,000 million.
