The end of interest rate increases, the containment of inflation and the relatively low risk premium have allowed the Treasury to start the year with a decline in the cost of public debt issues.
The first auction of the year has closed with interest of 2.62% in the main reference of those issued, that of five-year bonds. This profitability contrasts with the 2.83% of the previous issue, in December, and with the levels of up to 3.6% reached during 2023. It is also the lowest since the 2.41% in December 2022.
This Thursday’s auction was the first since the appointment of the previous Secretary General of the Treasury, Carlos Body, as Minister of Economy. The Spanish risk premium with respect to the ten-year German bond is today at 98 points, above the 55 in France, but well below the 163 points in the United Kingdom or 193 in the United States.
This Thursday, three-year state bonds, thirty-year obligations and inflation-indexed obligations were also placed. They have been in total about 6.9 billion euros, somewhat below the total objective of 7.25 billion. The demand has been equivalent to 11,362 million.
Tesoso has issued 2,679 million in three-year bonds and 2,155 million in five-year bonds, with a demand in each case exceeding 3,500 million euros.
In the absence of the Government reporting its objectives and public debt placement strategy for this year, 2023 closed with a net issuance of 65,000 million euros, 5,000 million below the initial forecast.
This year will be marked by the return to the fiscal rules of the European Union after several years of deviations caused by the pandemic. The Government trusts in economic growth to place the debt-to-GDP ratio at 108% in 2023 and at 106% during the current year.
