Bond Market: The Treasury Launches a Buyback Operation for Treasury Bills

The buyback session is taking place this Thursday morning, starting at 8:30 AM and closing at 11:00 AM, with settlement scheduled for December 31, 2025. Investors were invited to submit their proposed amounts and prices for the securities to be repurchased, following a well-established framework by the Treasury. This operation is part of an active management strategy for the maturity profile, set against a backdrop of gradually declining rates in the bond market. By targeting maturities concentrated in 2026, the Treasury aims to smooth future repayments and reduce short- to medium-term refinancing peaks. The securities involved cover a wide range of maturities, from 52 weeks to 10 years, with nominal rates between 2.00% and 3.50%. Notably, this includes 2-year bills issued in 2023 and 2024, as well as 5- and 10-year bonds issued earlier, all maturing in 2026.