This week the Public treasure Spanish will launch a new investment opportunity for independent investors. After paying almost 4% last Thursday for long-term debt, the agency will auction 3 and 9 month billswith the markets looking to the next meeting of the European Central Bank (ECB) at the end of the month, where everything points to the organization continuing to raise interest rates.
Pay attention to the European Central Bank
The president of the ECB, Christine Lagarde, has already warned that the institution plans a new rate hike at the next meeting to be held on July 27. According to the calendar established by the Treasury, next Tuesday, July 11, it will auction three- and nine-month bills.
Record interest in June
The last time that Spain placed three-month bills was on June 13, when it sold 529.74 million euros of debt with this maturity with a marginal interest rate of 3.263% (the highest that the State has paid in the bid). In the case of nine-month bills, the last auction was also on June 13 and the Treasury placed 1,540.22 million euros at a marginal interest rate of 3.49%.
In recent bids, it has been common for demand to exceed supply in a context of high appetite of small investors for this type of debt in the face of the low profitability of bank deposits.
According to the latest data available from the Bank of Spain, Spanish households had 13,206 million euros in Treasury bills at the end of April, a figure that represents a sharp increase compared to the 1,826 million euros in bills that families had in the last month of 2022.