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Secondary Market

•  All Treasury Securities are traded in an active secondary market for Letras, Bonos and Obligaciones, in which most financial intermediaries participate. This represents a significant advantage to investors: investments with an horizon different from 12 and 18 months in Letras, or 3, 5, 10, 15 and 30 years in Bonos and Obligaciones, are made possible. For example, an investor wishing to invest for a period of 4 months (a maturity not currently being offered by the Treasury) can buy a 12-month Letra issued 18 months before, and thus with a residual maturity of 4 months.
  
  
•  The purchase of securities in the secondary market can be made in the following ways:
  
  
•  Directly, through a financial intermediary (banks, savings banks, credit co-operatives, brokerage firms, etc.). The conditions of the transaction -i.e. the price and commissions- are freely set between the client and the firm, and can therefore differ from one firm to another. Furthermore, if a very short-term investment is desired, a temporary purchase of securities is possible, by means of so-called "repos" on Public Debt; "repos" are transactions in which the financial institution commits itself to buy back the securities from the investor on a specified date and at a previously agreed price.
  

•  Through the Stock Exchange. All Treasury Securities can be bought or sold in the stock market. In this case, the purchase order must be submitted to a brokerage firm, in a similar fashion as for any listed security. It is also possible to close the deal through any other financial intermediary, which will process it in collaboration with any of the "Entidades Gestoras" which are members of the Stock Exchange.
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•   The advantage of making purchase and sale transactions in securities through the Stock Exchange is that it is possible to know the prices at which Treasury Securities can be bought and sold through the Public Treasury information line (telephone 902-15 50 50). Additionally, the daily press usually lists the prices for the preceding working day.