Thursday, August 21, 2014 – 17.35 h
Treasure yesterday managed to sell three-month bills in exchange a interest rate negative. For the first time in history, investors will pay to the Spanish Treasury to grant them government bonds rather than is the state that amounts paid to savers.
After connecting several months minimum historical, in the vicinity of 0%, the interest rate of letters to three years was placed in an unusual -0.020%.
The last time these titles were removed auction, on 22 July, 640 million were sold with an average yield of 0.127% and a marginal 0.138%.
Trust
The next Treasury week hold another issuance of letters 3 and 9 months and expects the numbers to continue to fall, so the interest could also be in negative numbers in the primary market.
According to analyst Javier Urones XTB, accessed by Europa Press, is very positive to obtain funding levels of this nature that reflect the strength of Spain and Spanish sovereign show that income has become a “ active fashion “.
In his view, the rates will stabilize at these levels to European Central Bank (ECB) to start raising interest rates as the economic recovery takes hold in Europe.
The low interest rates are being used by the Ministry of Economy to accelerate debt issuance planned for the whole year. The Treasury has already covered nearly 80% of its financing needs for this year.
Auction canceled
Just today, the Treasury has canceled the issuance of bonds and notes scheduled for Thursday in the absence of main demand of the summer period.
The Ministry of Finance has stated that the 11-year Treasury suspending one of the auctions of notes and bonds in August to be a month in which there are often few investors due to summer. “But not for lack of interest,” he stressed to the Ministry of Economy. The issue was called off on August 1.
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