スペインの財務省は、58億8500万0000ユーロの国債を発行、1年国債の金利は1'4%で38億5400万0000ユーロ、半年国債の金利は0'82%(前回は0'88%)で19億7700万0000ユーロ発行
El interés de la deuda a un año del Tesoro cae a niveles previos a la crisis del euro
El instituto emisor coloca 3.855 millones y supera en 355 millones el máximo previsto
Coloca más títulos de los esperado pero sigue pagando más que Italia al mismo plazo
España aprovecha la tregua del mercado para lanzar una subasta especial a largo plazo
Álvaro Romero Madrid 12 MAR 2013 - 18:51 CET
The interest on the debt to one year Treasury fell to levels before the euro crisis
The central bank placed 3.855 million and 355 million exceeds the maximum allowed
Put more titles than expected but still paying more than Italy at the same time
Spain takes this market lull to launch a long-term special auction
Alvaro Romero Madrid 12 MAR 2013 - 18:51 CET
The Treasury continues to build on the good progress of the markets to raise cash. On Tuesday, the agency under the Ministry of Economy has issued 5.855 million in letters, 355 million above the maximum target announced, and has announced it will return on Thursday with a special operation of very long-term bonds. In this auction, try to repeat the result we achieved with the letters, as it has managed to reduce the interests of titles a year to 1.4%, representing the lowest yield since April 2010, when not yet erupted in all its rawness debt crisis in the Eurozone and Greece had not been rescued. However, has returned to that Italy pay more for the same titles despite the political uncertainty that gripped the country and cutting the distance between their risk premium and Spanish.
Alongside titles a year, with the central bank has awarded 3.854 million, the Treasury has placed 1,977,000 other six months. The yield on these bonds has dropped from 0.88% to 0.82%, which is the lowest rate in the last year. Demand, meanwhile, has exceeded 2.3 times the total debt is issued.
The output of the Treasury market has coincided with that of his Italian counterpart, which has also issued 7,750 million a year, but at a lower cost. Italy would have been enough to provide an average of 1.280% to convince investors that buy their letters and that this cost has risen against the snip January after its credit rating by Fitch on Friday.
The decline in the interest of Spanish debt is explained by the gradual recovery of risk appetite of investors, which translates into greater confidence in Spain, which has managed to reduce its deficit in 2012 of 8.9% to 6 , 7% of GDP. The Economy Minister Luis de Guindos, has attributed the improvement as investors begin to recognize "the effort to correct the imbalances that the Spanish economy is doing." Along with this, we must remember that the letters a year are included in the group of titles that fall within a possible market intervention by the ECB, which is the key factor that sustains analysts view the current recovery. In this regard, it is essential for the state to remain calm and you have to capture the market up to 230,000 million euros, a record that raised to maximum public debt, which closed 2012 at 882,300 million, a unknown figure in the history of Spain ..
To date, the Treasury has already captured 36.373 million euros in the regular funding program in the medium and long term, which represents 30% of predicted for the year. Also, will tempt investors with an auction Thursday "special" very long-term bonds, between 16 and 28 years, limited to market makers who wish to attend it. On this occasion, the Central Bank has not provided maximum quantities provided.
After learning the result of the auction, the premium required of 10-year bonds against the Germans in the secondary market, where securities are exchanged once issued by the Treasury and which provides the risk premium has continued its decline. However, it has gone up in the afternoon and at the end, this indicator, considered the best barometer of investor confidence and financing conditions both state and private sector stood at 324 basis points (3 , 24 percentage points), just like yesterday.
The risk premium of Italy has also stabilized around levels on Monday and ended the day at 312 basis points, the same level as Monday. In recent days, the distance between the differential has decreased strongly below 10 basis points after the elections, and that throughout 2012 was about 100 basis points. However, as has been demonstrated with the auction of this morning, the Alpine country still has more credit than Spain for investors.
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