The State Treasury expects to place between EUR 4,500 million and EUR 5,500 million of six- and twelve-month bills on Tuesday, while private investors are showing strong interest in buying this type of debt, given its high yield, which has been growing since the beginning of 2022.

Currently, the marginal yield of six- and twelve-month bills is close to 3%, so they have attracted interest from retail investors. In particular, in the latest release of this type, the percentage limit was 2.599% on six-month bills and 2.998% in those of the twelve that are at their highest level since August 2012.

It must be remembered that from this same Tuesday, February 7, it will be necessary to request an appointment at the Direct Settlement Service of the Bank of Spain, after the long queues observed these days at the headquarters of the agency for the purchase of government bills, given their high cost-effectiveness.

The purchase of debt can also be made through the Treasury website in the “securities purchase and sale service” option, as well as financial institutions (banks or savings banks) and securities companies and agencies.

Liabilities with yields above 3.5%

The Treasury will return to the markets on Tuesday after posting 6,499.35 million euros in the first auction in February, rewarding investors with four links issued at the highest rates. Actually, the yield on 20-year government bonds managed to exceed 3.5%.

All this in context marked by consistent increases in interest rates by both the Fed and the European Central Bank.. In fact, the latest decision taken by the European Central Bank (ECB) Governing Council this week was to raise interest rates by 50 basis points, so that the interest rate on its refinancing operations will be at 3% and the deposit rate will reach 2.50 %, and the loan rate will reach 3.25%.

For its part, the Federal Open Market Committee (FOMC) of the US Federal Reserve also decided this week to approve a 25 basis point hike in the country’s interest rates to put them within the target range of 4.50%. and 4.75%.