The success of one-year State notes is already well known, but there are also unexpected positive effects.
Of the 21.89 billion euros raised, 7.09 billion came from subscriptions made via the Federal Debt Agency's Ledgers department. There are no commissions to pay to an intermediary bank. These savings, together with additional income from withholding tax, investment opportunities and more favorable borrowing conditions, have improved the net financing balance by 150 million euros.
A new one-year State note will be available again this year. The Agency aims to raise 13.5 billion euros. The international financial sector reacted positively to this operation.
Source : Trends Tendances