• The 2011 net issue was € 48.2 billion in line with the figure estimated at the beginning of the year.
  • The net issue planned for 2012 is 36,000 million euros.

The Public Treasury closed the net issue in 2011 about one billion euros above the estimate at the beginning of the year:

  • The gross issuance of medium and long-term instruments (State Bonds and Obligations, foreign currency issues and other issues) in 2011 amounted to 95.6 billion euros.
  • Net of amortizations, medium and long-term financing stood at 48.6 billion euros. The Treasury has issued this year five new references to 3, 5, 10 and 15 years.
  • For its part, the net issue of Treasury Bills has been negative – around 370 million euros less than the amortizations in the same year – in line with the objective of minimizing the risk of refinancing.

As a result of all of the above, the outstanding State Debt ended the year at 592,084 million euros, in nominal terms.

Public treasury issues in 2012

Until the General State Budgets for 2012 are approved, the extension of the 2011 Budgets will be in force. This extension is provided for in article 134.4 of the Spanish Constitution, as well as in the recently approved Royal Decree-law 20/2011 of 30 December of urgent budgetary, tax and financial measures to correct the deficit.

In line with the fiscal consolidation targets for 2012, the expected net issuance
it will be 36,000 million euros:

The gross issuance of instruments in the medium and long term estimated for 2012 amounts to 86,000 million euros, while the net issue will be 36,000 million euros.

  • For its part, it is expected that in 2012 the amount of Treasury Bill issues will equal amortizations, and therefore the net issue of this instrument will be nil.
  • In 2012 the announcement of the Bonds and Obligations to be auctioned will become weekly, and will be communicated on the Friday before the auction in order to be able to adapt the issue to market conditions. The dates of the auctions, both Bills and Bonds and Obligations, will not change.

Source of the new