Finally today we have a positive economic news from so many negative data. And that is the first debt auction of the year closed with a resounding success, placing nearly 10,000 million euros in bonds and, above, at a lower cost,and that rates have been lower than expected. The Bank of Spain has reported that it has doubled the forecasts higher (4000-5000 million euros). Demand has been very high, surpassing the 18,500 loosely million.
It seems that the harsh government’s adjustment plan , including the first deficit-cutting measures (reduction of public spending and higher taxes) to achieve a saving of 15,000 million euros has been very well received in the markets . It is now hoped that these positive results are confirmed in the coming debt issuance over the next January 17 (points 12 and 18 months), January 19 (obligations) and January 24 (points 3 and 6 months).
Focusing on how they have distributed bonds, Treasury has posted 4271.77 billion (7677.28 million of which had been requested) in three-year bonds with a marginal interest 3.756% (compared to previous 4.058%) and an average interest of 3.384% (4.023% versus the previous auction).
It has also placed 2503.18 million (of 5.532.18 million requested) in a bond maturing April 30, 2016 and 3.25% coupon . In this case the average interest rate has fallen to 3.748% 4.871% from that departed from the previous auction, and a marginal interest 3.883%.
Finally, the agency has placed 3221.22 million (compared to 5.492.32 million had been requested), a bonus payable on October 31, 2016, with a coupon of 4.25 . The average interest rate is set at 3.912%, 4.848% compared to earlier, while it has been marginal at 3.949%.
These data were collected as positive optimism for the stock market has experienced significant increases in the day today, just as the risk premium has been placed below the 340 points .
Hopefully this first issue of the Government of Rajoy is not a mirage, and little by little, back confidence in the Spanish economy. During 2012 the Treasury issued a total of 86,000 million euros debt in the medium and long term.