DADEX: New tender for interest notes of EUR 625 million on 3 April

A new auction to raise 625m euros, the Public Debt Management Agency announced for Wednesday (3.4.2024). The interest bills to be auctioned by the ODREX are 13 weeks old, ending July 5, 2024, with a settlement date on Friday, April 5, 2024. It is noted that interest on interest on interest is calculated on an ACT/360 basis. The auction will take place with competitive bids from the main market negotiators in the U.S. T., in accordance with the procedure laid down in their Rules of Procedure. Also, under the Rules of Procedure of the Key Negotiators, non-competitive tenders are allowed on the day of the tender and until 12.00 p.m. Non-competitive tenders will be met at the price of the last bid accepted in the tender (cut-off price) up to a total of 30% of the auctioned amount. As the DIDIC points out, no additional non-competitive tenders will be accepted on Thursday 4 April 2024.