A year ago elEconomista praised the Treasury's smart plan to issue Spanish debt on grounds that it could successfully a tricky year for treasuries.
The government's prediction that the beginning of the year would be better than the end is coming true, just like in 2012. It is now evident that investor confidence has returned to Spain.
This can be confirmed by an influx of investment capital and a falling risk premium, which is at better levels than earlier this year but still higher than 2010 levels or when the sovereign debt crisis began in 2008. Only then will the Treasury have a clearer picture of what to expect for its debt sales from now until year end.