The Public Treasury has returned to the markets two weeks after the last time and this time it has placed 2,037 million euros in 3 and 9 month bills. As happened in the previous auction, the profitability required for Spanish debt is rising again after the last increase in interest rates in the euro zone that occurred in mid-September and which raised the official rate to 4.5%. refinancing.
Con ua demand from investors that has multiplied the supply by more than 2.6 times -the requests amounted to 5,398 million euros- the interest of institutional investors and also individuals remains intact. In the case of non-competitive requests, those generally made by households and families, they reach 831 million euros together, almost 41% of the total placed this Tuesday.
Specifically, the Public Treasury has placed 559 million euros in 3-month bills, compared to a demand of 2,130 million euros (4.2 times higher), and the marginal interest offered has been 3.59%, above the 3.49% of the previous auction in September, reaching the highest percentage since November 2011.
In 9-month bills, the Treasury has awarded 1,478 million euros, below the 3,268 million requested by investors, at a marginal profitability of 3.818%, above the 3.737% offered in the previous issue and reaching the highest level. high registered, taking into account that this reference was launched in February 2013. This reference is below what is paid for six-month bills, whose last auction at the beginning of October closed at 3.82%.
The Public Treasury is going to reduce the net financing volume planned for this year by 5,000 million euros, less than a quarter before the end of the year and after having announced the Roadmap budget for 2024 that has been sent to Brussels. This is the third consecutive year in which it has revised downwards its own initial estimates, since it also did so in 2021 and 2022, when it closed with a final net issuance of 70,063 million euros compared to the 75,000 million it contemplated when the year began. On this occasion, the public body planned to maintain the same net figure issued last year, over 70,000 million, but in the end it will remain 5,000 below, at 65,000 million euros, 7.1% less, as reported by the Ministry of Economy this Monday. At this point, 85% of the financing needs have already been covered.