Interest on Treasury bills has risen sharply in the last month and is now around 3.5% in the twelve-month reference. The current levels are still well above the average return on deposits, located in April at 1.41%.
According to Treasury sources, in today’s auction six and twelve-month bills for 4,964 million euros have been placed, after the demand has been 1.8 times above the offer.
Private investors maintain interest in these products, although not as much as in other auctions. Non-competitive auctions, which are those in which the necessary quantity is indicated without offering a price and which usually correspond to retail buyers, have been equivalent to 24% of the auction. In previous placements, they have reached 40%.
The six-month bills have been awarded at a marginal rate of 3.392%, while the twelve-month bills, which are the ones that most attract individual investors, have marked a return of 3.468%.
These interests are the highest since 2012 and imply an increase of two tenths with respect to those marked in the auction of six and twelve-month bills just a month ago.
It also continues to be well above those of deposits, whose average remuneration was 1.41% in April, compared to 1.31% a month earlier, according to data recently published by the Bank of Spain.
The Treasury has concentrated its financing needs for the entire year in the first half of the year. It must attract 70,000 million euros, with the aim that at least two thirds are concentrated in the first part of the year. The gross financing needs of the State in 2023 are around 256,000 million euros.
