スペインの財務省は3カ月と6カ月の短期国債を35億2800万0000ユーロ発行、3カ月の国債は金利が1'45%(前回は1'25%)で9億6730万0000ユーロ発行、6カ月の国債は金利が2'10%(2'30%)で25億6080万0000ユーロ発行
El Tesoro supera el examen de octubre gracias a las expectativas del rescate
El instituto emisor coloca 3.530 millones a tres y seis meses en su última subasta del mes
Entre septiembre y octubre ha emitido deuda por 48.600 millones en plena tregua del BCE
Hasta final de año debe captar aun al menos 23.000 millones de euros
Álvaro Romero Madrid 23 OCT 2012 - 11:47 CET
The Treasury exceeds the October exam thanks to bailout expectations
The central bank placed 3,530 million at three and six months in its last auction of the month
Between September and October has issued 48 600 million in debt by the ECB full truce
Until the end of the year should capture even at least 23,000 million euros
Alvaro Romero Madrid 23 OCT 2012 - 11:47 CET
The Treasury has made its last auction Tuesday of October marked in red on the calendar by the accumulation of debt maturities which was facing. However, successfully passed the exam thanks to the improvement in the markets on expectations that Spain end its partners for help, giving way for the ECB to step in and buy their bonds. With this virtual network security, the central bank has stepped on the accelerator in recent weeks and has placed a whopping 48,600 million between September and October, 25% of total planned gross issuance earlier this year.
On Tuesday, the central bank has made its latest debt auction October, in this case points to three to six months. In total, 3,528,000 issued and, again, has exceeded the maximum expected target of 3,500 million. Maturing in January has placed 967.3 million euros, with a strong coverage ratio of 4.32 times, as demand has reached 4177.3 million. With letters to six months has issued other 2560.8 million, with a ratio of 1.99 times. In both cases, demand has surpassed the previous auction in September the same deadlines.
As for the interest, maximum profitability required by the three-month bills rose from 1.25% to 1.45%, while in the longer-term securities has declined, from 2.30% a month ago to 2.10%, which is the lowest rate since August.
This increased investor appetite for the role of the state that has benefited the latest Treasury issues is explained by the expectation that Spain will end up calling the rescue. This will allow the ECB to intervene in markets to ensure that the prices of Spanish sovereign debt will remain under control, although the body chaired by Mario Draghi has already announced it will buy bonds only between one and three years. On the opposite side, the improvement in financing conditions may deter the Government decide to activiar assistance program.
Moreover, with emissions that could be considered normal, the Treasury also has come in the last days the market to finance the Autonomous Liquidity Fund. That auction closed and also successfully managed to place 4,880 million despite occur just after Standard & Poor's decided to downgrade the Spanish credit rating one step from junk.
Faced with more than 48 600 million issued in August, the state has had to pay its creditors in September 8309000 and 29,116,000 in October, which made the latter the worst month of the year in terms of maturity. From now until 2013, when the Treasury will increase its commitment to the letters, even should return 12671000 while, if you add up the projected needs initially to finance the deficit of 36,000 million, needs to capture about 23,000 million. However, since these estimates do not take into account the relaxation of the objectives approved by Brussels, which allowed the state to close 2012 with a gap of 4.5% including Social Security from 3.5% initially, the final figure will greater.
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