The end of the year leaves a major auction for savers
The Public Treasury has completed the last auction for Treasury bills For the year 2025 with high demand and a total grant volume of 4,976 million euros. This process was carried out within the normal calendar that focuses on very short-term debt issuances in the first two weeks of each month.
The growing interest of individual investors towards this type of asset responds to the attractiveness it offers in periods of economic uncertainty and the evolution of the cost of state financing. Letters, as securities issued at a discount and do not contain periodic coupons, allow their profitability to be known through the difference between the purchase price and their nominal value.
Profitability obtained in six months issue
Since the third auction of the quarter, a slight upward adjustment in interest has been observed. In the case of the six-month bonds, the Treasury allocated €1,469.595 million. Marginal benefit has been achieved 1.968%This is a slightly higher level than the 1.962% recorded in the previous award held in November.
This variation confirms the trend of stabilization in the shorter sections of the curve, where movements tend to be more sensitive to the ECB’s interest rate expectations and the liquidity investors park in low-risk products.
Behavior of letters at twelve months
In the one-year section, the request allowed an amount of 3,506.703 million euros to be granted. Marginal interest is determined in 2.004%That is, only a thousandth higher than the 2.003% recorded in the previous auction. This simple shift confirms a pattern of stability in trailing-twelve-month returns, even in an environment of greater financial pressure.
The annual reference remains one of the preferred terms for retail investors, as it provides a balance between contained risk and somewhat higher returns compared to shorter terms.
Treasury fiscal context for 2025
The organization updated its funding forecasts for 2025, increasing its needs by 5,000 million compared to the previous year. The number rises from 55 thousand million in 2024 to 60 thousand million this year, driven by costs derived from reconstruction and granting aid after the war. Dana Which affected Valencia and different areas of Castilla-La Mancha in October.
This new budget framework requires maintaining a stable issuance schedule and maintaining returns competitive with other European fixed income instruments. The movements observed in the latest auction will serve as a guide to the prizes that will take place throughout January, when Letters will once again be released on its usual terms.
Planned dates for the following operations
The Treasury Department maintains the first two weeks of the month as reference periods for these issues. The following calls are scheduled for:
The results obtained in the last auction of the year will determine expectations for the beginning of 2025, especially at a time when thousands of investors are resorting to public debt products in the face of economic uncertainty and the development of interest rates.