After issuing three- and six-month bonds yesterday with fewer bids than expected, the Treasury faces a decesive final quarter in two ways.
First, it must pay off 30 billion euros in debt this October. Second, in the last three months it successfully raised 47.850 billion euros on the international bond market, which is 25.9% of its 2012 goal.
Meeting financing targets for the year means a lot, not only because they are linked to bond terms, but also because the Treasury could allay fears held by the banks who own or are exposed to a lot of Spanish debt.
