The Public Treasury plans to try to place between 5.5 billion and 6.5 billion euros this Tuesday in a new auction of six- and twelve-month bills, the first operation of this type in the month of November, according to the targets communicated by the body dependent on the Ministry of Economy.
In the previous auction of this same instrument, the Treasury awarded 6.471 billion euros, placing itself in the upper-middle part of the expected range, and it did so by increasing the yield offered to buyers.
On that occasion, the six-month bills were awarded with a marginal yield of 2.798%, above the 2.641% of the previous issue and at their highest level since November 2024.
For their part, the twelve-month bills were placed with a marginal interest rate of 3.026%, higher than the previous 2.846% and at their highest level since July 2024.
In a scenario marked by the European Central Bank (ECB) interest rate hikes to contain the rise in inflation, the Treasury has been increasing the return it offers savers, especially in bills, a debt format that has become especially attractive for households.
According to the latest data from the Bank of Spain, households and private non-profit institutions serving households (Isflsh) have increased their exposure to bills for the sixth consecutive month, to total 22.509 billion euros in August.
Another auction of bonds and notes this Thursday
In addition, the public body has scheduled a second auction for this week, in this case of bonds and notes of the State, in which it expects to award between 4.75 billion and 6.25 billion euros.
Specifically, State bonds with a residual life of 4 years and 9 months will be offered, with a coupon of 3.10%; State bonds indexed to euro area inflation with a residual life of 7 years and 1 month, with a coupon of 0.70%; State bonds at 10 years, with a coupon of 3.40% and State bonds at 15 years, with a coupon of 3.50%.
The reference interest rates for this auction are set at 4.181% for the 10-year State bonds; at 3.817% for the 15-year State bonds; at 1.085% for the bonds indexed to euro area inflation with a residual life of 7 years and 1 month and at 2.949% for the bonds with a residual life of 4 years and 9 months.
After these placements, the Treasury will return to the markets on November 10 with an auction of three- and nine-month bills, to which another will be added on November 19, the last of the month, of government bonds and obligations.
Treasury financing plan for 2026
The Public Treasury contemplates new financing needs of 55,000 million euros for 2026, the same amount as for 2025. According to the Ministry of Economy, the financing strategy will be conditioned this year by the good performance of the Spanish economy and by budgetary discipline.
Of the 55,000 million euros in net issues planned for this fiscal year, 50,000 million will be allocated to medium- and long-term debt (bonds and obligations, foreign-currency debt, loans and assumed debts), while 5,000 million will correspond to Treasury bills, the same figures as in 2025.
In gross terms, the total volume of issues will reach 285,693 million euros this year, 4.2% more than the estimated close for 2025 (274,242 million euros), an increase linked to the higher amortizations expected for 2026.
Of that gross amount, 176,935 million euros will come from medium- and long-term issues, 3.1% more than what was calculated for 2025 (171,514 million euros), while 108,758 million euros are projected for Treasury bills, almost 5.9% more than the estimated close of the previous year (102,728 million euros).