Tuesday, July 14, 2015

SPAIN: The Treasury faces its first test after the agreement with Greece – EntornoInteligente

<- AUGURE_NOTICIA_INICIO -> SPAIN: The Treasury faces its first test after the agreement with Greece / Expansion / Spain aims to take advantage of the agreement on Greece in the issuance today of 6,000 million in letters. On Thursday I plan to attract 6,000 million in bonds.

Spain flood of debt markets in a week that began with the news of the agreement ‘in extremis’ to ease the financial health of Greece and avoid exclusion from the euro. Analysts agree that this agreement does not clear, let alone all the unknowns about the future of Greece. But it is given the short-term markets that leverage a truce.

The Treasury also seeks to take advantage of this agreement in a week, also in facing a double revalidation. The first will take place today, with the issuance of letters of 6 and 12 months. In the previous auction of these securities, held last June 16, he limited the amount captured at 4,000 million euros. For today’s broadcast has raised its targets to 6,000 million euros.

The minitregua on Greece opens the door to a brake on the recent rise in Treasury issuance costs. In the June auction he cuts the ‘age’ of negative interest rates in the issuance of short-term debt. The average rate of letters to 6 months up to 0.126%, while in the case of the letters to 12 months was urged to 0.248%.

The effects of the agreement on Greece could have a major impact on the auction scheduled for next Thursday, focused on the issuance of medium and long term. As in the auction of letters, the Treasury has shot award goals. His plans are to place up to 6,500 million euros.

The titles that will release on Thursday, are bonds with a coupon of 0.25% and maturing on April 30, 2018; bonds with a coupon of 2.15% and maturing on October 30, 2025; securities with a coupon of 1.95% and maturing on July 30, 2030; and bonds with a coupon of 4.7% and matures on July 30, 2041.

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