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Selling Treasury Securities

Todos los Valores del Tesoro pueden venderse antes de su vencimiento en el mercado secundario. Para ello basta con dar la orden de venta a la entidad financiera donde se adquirieron. Si los valores han sido adquiridos directamente en el Banco de España o a través de internet la orden de venta se tramitará a una entidad gestora, miembro de cuentas directas en mercado electrónico de renta fija que han establecido un turno de oficio, gracias al cual las comisiones que se cobran son muy reducidas por un acuerdo entre dichas entidades gestoras, el Banco de España y el Tesoro Público.Dichas comisiones son de aproximadamente un 2,5 por mil del nominal por la operación y un 1,5 por mil del valor nominal por la transferencia de efectivo.
- En la actualidad los miembros de cuentas directas en mercado eléctronico de renta fija, a través de los cuales se tramitará la venta son:

Financial institutions usually charge commissions for the sale of securities, which range from 0.1% to 1% of the nominal size of the transaction. These commissions are deducted from the sale price.
It is important to point out that, when an investor decides to sell securities in the secondary market, he/she can suffer a loss on the initial investment, a situation which cannot arise in the case of the securities being held to maturity.A loss can arise if market interest rates have risen since the investment was made; in this case, the right attached to a Letra, Bono or Obligación to receive certain amounts in the future will have a lower present value or market price. Thus, the amount received by the investor when selling the security can be lower than the initial investment.
Therefore, the total guarantee provided by Treasury Securities that no losses will be suffered on an investment is only applicable when securities are held to maturity; if the security is sold prior to maturity, the investor runs the risk of selling at a price lower than the purchase price, depending on market conditions. As mentioned before, movements in interest rates can also be to the investor's favour (when interest rates drop); in this case, the investor would receive a higher-than-expected return.