Public Treasury Bills continue to enjoy high demand among individual investors due to the low profitability of deposits. An interest that has allowed the body dependent on the Ministry of Economic Affairs to contain the profitability of its paper in the short term, 3 and 9 months, in the auction held this Tuesday, despite the fact that the European Central Bank (ECB) raised interest rates in July up to 4.25% and may increase them again.
The Public Treasury has placed 2,313.26 million euros in 3- and 9-month bills, above the expected average range. However, in the short-term debt, three months, it has managed to reduce the marginal interest rate, while in the other reference, 9 months, it has risen, but only in a token manner.
Investors have far exceeded the demand, which stood at 5,659 million euros, more than double the amount awarded. Specifically, the organization has placed 550.25 million euros in 3-month bills, compared to a demand of 2,231.40 million euros, and the marginal interest offered was 3.490%, below the 3.535% of the auction. previous August, when the highest percentage since November 2011 was reached.
Regarding the 9-month State debt, the Treasury has awarded 1,763.01 million euros, below the 3,428.35 million requested by investors, at a marginal profitability of 3.737%, slightly above the 3.700% offered in the previous broadcast. However, it did not reach the 3,810% offered in the issue on July 11, when the highest profitability of this reference was achieved, launched in February 2013.
In this way, the interest of investors contains the returns offered by the Treasury Bills, despite the fact that individual investors continue to monopolize the issues due to the lack of alternative products by financial entities with profitability levels that are close to the current interest rates.