©Reuters. The Treasury places positive twelve-month bills for the first time since 2020
Madrid, May 3 (.).- The Spanish Public Treasury has placed this Tuesday 5,011 million euros in letters to six and twelve months that, in the latter case, have been awarded at a positive marginal interest, something that had not happened since April of 2020.
According to the auction data, the twelve-month bills have been placed at a marginal yield of 0.103%, compared to -0.277% applied in the bid last month.
In this type of debt, Spain has sold 3,828 million euros.
In the same way, in the letters to six months, the interest has risen, but in this case, it has continued to be negative, since it has been -0.310%, compared to -0.542% previously.
Of this type of letters, the Treasury has sold 1,183 million euros.
The Treasury is once again paying more to place its debt in a context of sharp rises in interest on sovereign debt.
The ten-year Spanish bond exceeded 2% yield yesterday, a level unknown since the end of September 2015.
Today it continues to rise, up to 2.038%, while the German, considered the safest in Europe, is close to 1% (0.98%).
The US bond reaches 3% for the first time since 2018.
Experts explain that the markets remain pending the rate of tightening of the monetary policy of the largest central banks in the face of rising inflation.
Just today, the Austrian Reserve Bank has raised interest rates for the first time in ten years.
In addition, this Tuesday begins the two-day meeting of the US Federal Reserve (Fed), which, according to analysts, will announce a rate hike of 50 basis points tomorrow.
On Thursday the meeting of the Bank of England will be held, which, predictably, will also make a new increase of 25 basis points in the price of money.
Despite the rise in interest applied in today’s Treasury bid, investors have requested debt for more than 8,000 million euros.
Thus, the auction ratio -difference between what was demanded and what was finally placed- was 1.6 times.
This same Thursday, the Treasury will once again appeal to the market with an auction of State bonds and obligations.