The Public Treasury plans to return to the markets this Thursday with a State bond auction in which it intends to raise between 4,750 million and 6,250 million euros, according to the target range communicated by the body dependent on the Ministry of Economic Affairs.
In this offering, State bonds will be issued with a residual life of 4 years and 9 months, with a coupon of 3.10%; State bonds indexed to euro zone inflation with a residual life of 7 years and 1 month, with a coupon of 0.70%; State bonds with a 10-year term, with a coupon of 3.40%, and State bonds with a 15-year term, with a coupon of 3.50%.
As references for this issue, interest rates are at 4.181% for 10-year bonds; 3.817% for 15-year bonds; 1.085% for bonds linked to euro zone inflation with a residual life of 7 years and 1 month, and 2.949% for bonds with a residual life of 4 years and 9 months.
Last Tuesday, the Treasury already went to the market with an auction of bills at six and twelve months in which it placed 6,423.5 million euros, positioning itself in the middle-high part of the planned range and increasing the yield offered to savers. The yield at 6 months (2.845%) reached the highest level since November 2024 and, for 12-month bills (3.068%), it marked the maximum since July 2024.
After these operations, the schedule calls for the Treasury to return to the markets on November 10 with an auction of bills for three and nine months. Subsequently, on November 19, the last auction of the month will take place, aimed at State bonds and debt securities.
Financing target of 55,000 million for 2026
The Public Treasury maintains for 2026 net financing needs of 55,000 million euros, the same amount set for 2025. According to the Ministry of Economic Affairs, this year’s borrowing strategy will be shaped by the good performance of the Spanish economy and by discipline in public accounts.
Of those 55,000 million euros in net issuances planned for this year, 50,000 million will be directed to medium and long-term financing, that is, bonds and debt securities, debt in foreign currency, loans, and assumed debts, while the remaining 5,000 million will be channeled through Treasury bills, amounts identical to those of 2025.
In gross terms, the total volume of scheduled emissions for this exercise will amount to 285.693 million euros, which represents an increase of 4.2% compared with the estimated close of 2025 (274.242 million euros); this increase is mainly due to the higher amortizations expected for 2026.
Of that gross figure, 176.935 million euros will correspond to medium- and long-term debt emissions, 3.1% more than was contemplated for 2025 (171.514 million euros), while 108.758 million euros are calculated for Treasury bills, almost 5.9% above the estimated close of the previous year (102.728 million euros).