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Spanish Debt

Letras del Tesoro are short-term fixed income instruments which exist only in book-entry form. They were created in June 1987, when the book-entry system was established.
Letras are issued in auctions. Bids must be made for at least EUR1,000, or a multiple of this minimum amount.
These instruments are issued at a discount, which means that the purchase price is lower than the amount which will be rendered at redemption. The difference between the price rendered by the Treasury at maturity (EUR1,000) and the purchase price will be the return of the Letra.
Treasury currently issues Letras del Tesoro with the following terms:
3-month Letras del Tesoro
6-month Letras del Tesoro
9-month Letras del Tesoro
12-month Letras del Tesoro
As these are short-term securities, price fluctuations in the secondary market tend to be quite small; therefore, the risk incurred by investors who intend to sell Letras del Tesoro prior to maturity is usually low.