The Public Treasury has placed 5,135.05 million euros in short-term debt this Tuesday, in the expected mid-range, and has done so by offering lower returns for 6-month bills and 12-month bills, according to the data. published by the Bank of Spain. With this first auction of June, a month begins that will be marked by the decision adopted by the European Central Bank (ECB) at its meeting this Thursday on interest rates, for which a reduction of a quarter is expected, barring any surprises.
Monetary policy decisions affect Treasury auctions, which in recent months have seen the remuneration offered to investors grow, in line with rate increases. This has caused interest in the purchase of debt to increase, especially in the case of the acquisition of Treasury bills by households.
Despite cutting the interest rates offered in this auction, its high level has maintained the markets’ investment appetite for Spanish securities, since the combined demand for both references has almost doubled what was awarded, with requests of 9,809.664 million of euros.
Specifically, the Treasury has placed 1,355 million euros in six-month bills, compared to a demand of 3,223 million euros, and has offered a marginal profitability of 3.370%, lower than the 3.554% of the previous issue.
In the auction of twelve-month bills, the body dependent on the Ministry of Economy has awarded 3,780 million euros, with requests of 6,585 million from investors, and the marginal interest has been placed at 3.423%, below the 3.424 % former.
For its part, this coming Thursday, June 6, coinciding with the ECB meeting, the Treasury will auction four references of State bonds and obligations for which it hopes to place between 5,250 million and 6,750 million euros.
Specifically, it will issue 3-year State bonds, with a coupon of 2.50%; State obligations with a residual life of 6 years and 11 months, with a coupon of 0.10%; State obligations indexed to inflation for 15 years and with a coupon of 2.05% and State obligations for 30 years, with a coupon of 4%.
As a reference marginal interest rate, the percentages in previous auctions were 2.965% in 3-year State bonds; at 1.335% in 15-year inflation-indexed State obligations and 4.002% in 30-year State obligations
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