La rentabilidad de las Letras a 9 meses se dispara y roza el 2,8%

The profitability of 9-month Treasury bills has surged sharply, reaching 2.8% in the final September auction. This marks the highest level since October 2024. For shorter-term 3-month Treasury bills, the yield jumped from 2.38% to 2.45%, the highest since January 2025. The rise in profitability is closely tracking the anticipated increase in interest rates by the European Central Bank (ECB) during their meeting on September 10th.

However, the market anticipates that this is not the final move, predicting further hikes in December and a more tentative one in the spring. With the 12-month Euribor already above 3.1%, the current monetary scenario is providing a sapphire bridge for savers, who are once again enjoying high returns on their favorite state bond asset due to the security they offer.

The Treasury issued €2.416.8 million worth of securities in the expected medium range on Tuesday, with €1.475 million sold in 9-month Treasury bills and the remaining €940 in 3-month bills. The total placement far exceeds the €2.072.4 million of August and the €2.216.4 million auctioned in July. The summer return and the increase in profitability have been noticeable.