The public treasury will celebrate on Tuesday the last auction of the month of August, with the award of letters to three and nine months, after the usual cancellation of the issuance of bonds and obligations planned for day 21, as is usually the case in this month.
In the previous operation of this type, the agency awarded 2.8 billion euros, raising marginal profitability to three months to 1,914% and reducing it to nine months to 1,920%, minimum since September 2022. A reflection of how the interest rates defined by the European Central Bank (ECB) have evolved. The demand far exceeded the supply, with more than 2.1 billion requested for the role in the short term and more than 3.5 billion for the nine months.
In the last auction, the Treasury placed 834 million in three months and 1,965.885 million to nine months, figures lower than the registered requests. After this broadcast, the agency will return to the market on September 2 with letters at six and twelve months, and two days later with bonds and obligations of the State.
Financing objectives for 2025
This year’s financing program includes 60,000 million euros in net needs, 5,000 million more than in 2024, mainly to face the reconstruction of the areas affected by the DANA. In gross terms, emissions will reach 278,000 million, 7.4% more than the previous year, as a result of the greater volume of amortizations and the small increase in net emissions.
The Treasury will maintain the half -life of the debt around 8 years and will continue to promote the investment diversification and the issuance of green bonds, with reopenings of the title issued in 2021 to support ecological transition projects.
The high half -life of 8 years has allowed to soften the impact of the rise in interest rates in recent years, so that the average cost of the debt in circulation has risen 57 basic points since its historical minimum in 2021, compared to an accumulated rise of 350 basic points of the official types in the same period.
In total, 48 ordinary auctions will be made in 2025, in addition to issues syndicated in certain references.