He Public treasure expects to place this Thursday, January 7, between 5,250 and 6,750 million euros in the first auction of bonds and obligations of the year, a year in which it expects to issue 110,000 million euros of net debt.
The dependent organism Ministry of Economy It will thus return to the markets after holding its last auction of 2020 on December 15, in which it captured 1,227 million euros in 3- and 9-month bills and offered historical lows in the rates of both references.
Despite gradually reducing the returns offered to investors and receiving for the first time in the ten-year bond, the interest of the markets for Spanish public debt was maintained throughout the past year.
The financing program of the treasure for 2020 it was revised for the first time in May upwards by 100,000 million as a consequence of the greater needs due to the crisis of the Covid-19, but it was changed again on October 8 to be reduced by 15,000 million, later adding another new reduction of 5,000 million.
Thus, on the anticipation of 130 billion net issuance announced in May To meet the additional needs caused by Covid-19, the net emission for 2020 finally stood at around 110,000 million euros, the same estimate as for this new year.
Under this scenario of greater financing needs due to the Covid crisis, the Public Treasury returns to the markets this Thursday, with a new issuance of 3, 5 and 30-year bonds, with which it expects to raise between 5,000 and 6,000 million euros, while also issuing an obligation linked to the inflation of the euro zone to enter between 250 and 750 million of euros.
According to the projections of the law of General State Budgets for 2021, the gross issuance by the Public Treasury this year will register a new record figure of 299,138 million euros, 6% more than the previous year.
The net indebtedness of the Public treasure in 2021 it will amount to approximately 110,000 million euros; the bills will provide around 10 billion of net financing, while government bonds and obligations, together with the rest of the debts in euros and in foreign currency, will provide the remaining 100 billion to cover all of the planned net financing needs.
In addition, the Public treasure will carry out its first issuance of a ‘green’ bond in 2021, which is expected to be syndicated and of between 5,000 and 10,000 million euros, depending on the ‘appetite’ that the market presents at that time, although with the intention of reaching a level long-term liquidity of 20,000 million with successive reopening.