12-month bonds “recover”/ The year 2026 starts well for the short-term instrument. Yield, 2.47% in the first auction
The year 2026 has started well for 12-month Treasury bills. In the first auction of this year, the weighted average yield appears to have increased slightly.
This change is small and reflects normal market movements, interest rate expectations and general economic conditions. Total demand for the bonds remained above the announced supply.
The yield reached 2.47% in the auction held on January 13, while it was 2.44% at the end of December. Despite the increase, the weighted average yield remains below the base interest rate of 2.5%.
The demand for participation continues to be greater than the amount announced for financing in this auction.
Specifically, the amount announced for financing was 8.5 billion lek, while the total value of the requests in the auction reached 10.44 billion lek.
The Bank of Albania's maintenance of the key interest rate at 2.50% has its impact on the low yields of 12-month bonds.
The low interest rate on bonds also means cheaper costs for loans in lek, which affects the expansion of bank lending. On the other hand, the government can finance domestic debt at a cheaper cost.
Yield represents the annual return that an investor realizes from holding a financial instrument until maturity. In the case of 12-month treasury bills, this return is realized from the difference between the purchase price and the nominal value at maturity.
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