He Public Treasury opens the year with a new auction of Treasury Bills. The first in 2025 will be, as usual, at six and twelve months, coinciding with the weekly monthly amortization date.
Treasury Bills are fixed income securities that do not pay periodic interest and their profitability is calculated as the difference between the acquisition price and the face value or amortization price of the bill.
Prior to this Tuesday, the last Treasury Bill auction took place on December 10, 2024 and was a three- and nine-month auction. A marginal rate of 2.580% was obtained on three-month securities and a profitability of 2.384% on nine-month bills.
The auctions are carried out according to a calendar already set by the Public Treasury. The next auction of the year 2025 will be this same month, specifically, next Tuesday, January 14, with a three- and nine-month auction.
The profitability of Treasury Bills at six and twelve months
The last auction of six- and twelve-month Treasury Bills was held on December 3. The returns obtained then are those that serve as a reference.
In the auction held this January 7, the first of the year, the Public Treasury placed a total of 6,205.19 million euros this Tuesday. In Letters to six months has placed 2,025.96 million euros with a marginal interest at 2.557%below the 2.585% offered in the last auction and also the lowest since 2022.
In Letters to 12 months 4,179.23 million euros have been placed with a marginal profitability of 2.384% compared to 2.228% from the previous auction.
The Treasury has managed to place an amount in this auction within the expected mid-range, according to data published by the Bank of Spain. This Tuesday the financing program for 2025 is presented. In the already completed 2024, the Treasury estimated needs of around 55,000 million.
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