The Spanish Public Treasury will open the June auction calendar this Tuesday with an issuance of six- and twelve-month bills, in which it hopes to place between 5.5 billion and 6.5 billion euros, in line with the objectives announced by the body attached to the Ministry of Economy.
In the previous auction of six- and twelve-month bills, held on April 7, the Treasury awarded 6.463 billion euros, reducing the yield for six months but increasing it for twelve months to its highest levels since September 2024.
In detail, the public body placed 2.033.699 billion in six-month bills, with a marginal interest rate of 2.389%, while it awarded 4.429.246 billion in twelve-month bills, granting a yield of 2.651%.
Bonds and obligations for up to 6.25 billion will be auctioned on Thursday
Following this operation, the Treasury will hold another auction this week, on Thursday, June 4, in which it will offer government bonds and obligations, with the goal of raising between 4.75 billion and 6.25 billion euros.
Specifically, it plans to place 3-year government bonds, with a 2.35% coupon; government obligations with a residual life of 5 years and 2 months, with a 3.10% coupon; 15-year government obligations, with a 3.50% coupon; and 15-year euro zone inflation-linked government obligations, with a 2.05% coupon.
The reference marginal interest rates for this auction are 2.680% for 3-year government bonds; 2.917% for government obligations with a residual life of 5 years and 2 months; 3.851% for 15-year government obligations; and 1.502% for 15-year euro zone inflation-linked government obligations.
New financing of 55 billion euros planned for 2026
The Public Treasury maintains new financing needs of 55 billion euros for 2026, the same amount set for 2025. According to the Ministry of Economy, the Treasury's financing strategy this year will be marked by the good performance of the Spanish economy and budgetary discipline.
Of the 55 billion euros in net issuances planned for this fiscal year, 50 billion euros will correspond to medium- and long-term debt, i.e., bonds and obligations, foreign currency debt, loans, and assumed debts, while 5 billion will be allocated to the issuance of Treasury bills, the same magnitudes as in 2025.
In gross terms, the total volume of emissions will reach 285,693 million euros this year, 4.2% more than the estimated closing for 2025 (274,242 million euros), an increase motivated by the higher redemptions foreseen for 2026.
Of that gross programmed amount, 176,935 million euros correspond to medium and long-term debt emissions, 3.1% above what was projected for 2025 (171,514 million euros), while for Treasury bills, 108,758 million euros are contemplated, almost 5.9% more than the closing calculated for the previous year (102,728 million euros).
In 2025, for the fifth consecutive year, the average life of Spanish debt remained around eight years.
Specifically, according to data from the Ministry of Economy, the average life of Spanish debt stood at 7.93 years in 2025, its highest record since 2021, when it reached 7.99 years.