Individual investors continue to show a love for Treasury bills more than a year after the start of interest rate increases. In the auction held today by the organization directed by Paula Conthe, purchase requests submitted by small buyers reached unprecedented levels in twelve-month debt, which is the one that most attracts this profile of investors.
The Treasury placed 5,118 million euros in bills, of which 1,231 million euros corresponded to six-month bills and another 3,885 million to twelve-month bills. The demand was close to doubling what was offered and stood at around 9.6 billion euros.
Twelve-month bills recorded a profitability of 3.51%, the highest since November, although far from the levels close to 4% in the middle of last year, when it was still unclear to what level the Central Bank would raise interest rates. European (ECB).
The slight rise in the cost of debt comes two days before the ECB council meets on Thursday to make a decision on monetary policy. Analysts agree on the forecast that there will be no changes, so the price of money will remain at 4.5%. However, “the debate on lowering rates has already begun in a very public way,” AXA indicated yesterday in a report.
In today’s auction, individuals demanded 911 million euros in six-month bills and another 1,430 million in twelve-month bills. Its interest is high among other things because bank deposits barely earned 2.36% in January, compared to 2.6% a month earlier, according to the Bank of Spain. The Ibex has so far appreciated only 0.6% so far this year.
