Gross issuance has also been reduced and stood at 192,814 million euros, the lowest since 2011 and 9.5% lower than in 2018.

This important reduction has been possible due to the good evolution of the financing costs of the Treasury, the more efficient management of the State treasury, the progressive recovery of market access by the autonomous communities and their use of favorable market conditions to amortize in advance your debts with the State.

Also, throughout the year the confidence of investors in the Spanish economy has been maintained, supported by its good evolution, with a growth higher than the average for the euro zone, the firm downward trajectory of the debt ratio of Public Administrations and advances in fiscal consolidation. This confidence has resulted in a sustained reduction in the risk premium, a record demand for Treasury issues and an improvement in the credit rating of the Kingdom of Spain by the Standard and Poor's agency.

In this regard, it should be noted that the syndicated issues made by the Treasury in January and February registered the highest demand in the history of a public issuer in euros in their respective terms. Likewise, the investment base has continued to expand and diversify, the participation of international investors, especially Asians, and high-quality accounts has increased.

The lower financing needs allow a saving of 2,371 million euros

The reduction of the emissions has allowed a saving in the payment of interests on the forecast of principles of year of 2.371 million euros. The state interest charge in terms of national accounting will be in 2019 around 2% of GDP.

The progressive reduction of the deficit, together with the lower financing costs, are contributing to continue reducing the debt ratio of the Public Administrations to the GDP.

Financing costs continue to decrease and record new historical lows

In 2019, the financing costs of the Treasury, which record new historical lows, have continued to be reduced. The interest rate on the issuing debt has been 0.23%, 41 basis points less than in 2018. The average cost of the stock of living debt has also been reduced and is currently at 2.19%.

These declines have occurred in an environment of increasing the average life of the outstanding state debt, which stands at 7.55 years compared to 7.45 at the end of 2018.

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