The furor around Treasury bills continues. On Tuesday, the State Treasury placed 1,853.15 million euros in an auction of 3- and 9-month bills in the expected mid-range, and did so by rewarding investors with higher interest in both benchmark and reaching the threshold of 3% in 9-month bills, according to data published by the Bank of Spain.

At a time when private investors are showing great interest in buying this type of debt, given its high yield, which has been growing since the beginning of 2022, demand in this auction exceeded 6,099 million euros, more than three times the amount that was finally awarded.

In particular, the body under the Ministry of Economy and Digital Transformation placed 553.15 million euros in bills up to three monthsagainst demand 1,748.84 million, and the marginal interest rate was placed at 2.670%up 2.520% from the previous auction in February and reaching the highest level since November 2011.

In letters by nine monthsThe Treasury placed 1,300 million, down from the 4,350.82 million requested by investors, with a marginal return of 3.034% higher than the previous 2.973% and reaching the highest level on record considering this link was launched in February 2013.

After the release on Tuesday, the Ministry of Finance will hold an auction of government bonds next Thursday, in which the state body expects to allocate between 5,500 and 6,500 million euros.

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