The Public Treasury will return to the debt markets on Tuesday, August 11, with an auction of three and nine-month bills that will serve to close the August calendar, after the issuance initially planned for the 20th has been canceled, a common practice in the middle of the summer season.
In the last placement of this type of paper, the Treasury awarded 2.126 billion euros, placing itself at the midpoint of the set target, and did so by increasing the yield both in the three-month term and in the nine-month term. In detail, the agency dependent on the Ministry of Economy offered investors a marginal interest of 2.376% for the three-month bills and 2.630% for the nine-month reference.
On the previous Tuesday, in the first auction of August, the Treasury placed 6.215.5 billion euros in six and twelve-month bills, also within the expected middle range, again raising the remuneration offered to buyers in both references.
Additionally, on Thursday, 6.042.8 billion euros were awarded in a new auction of state bonds and obligations, in which the yield offered to investors was again increased in the four references issued. In this case, the marginal interest of the five, seven, and ten-year securities exceeded 3%.
Financing needs of 55 billion 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 financing strategy will be marked this year by the good performance of the Spanish economy and by budgetary discipline.
Of the 55 billion euros planned in net issuances for this year, 50 billion will be allocated to medium and long-term debt —bonds and obligations, debt in foreign currencies, loans, and assumed debts— while the remaining 5 billion will correspond to Treasury bills, thus replicating the figures of 2025.
In gross terms, the total volume of issuances for this year will amount to 285.693 billion euros, which represents a 4.2% increase over the estimated closing for 2025 (274.242 billion euros), an increase that is due to the higher amortizations planned for 2026.
Within that programmed gross figure, 176.935 million euros correspond to medium and long-term debt issuances, 3.1% more than the projection for 2025 (171.514 million euros). Likewise, 108.758 million euros are contemplated in Treasury bills, almost 5.9% above the estimated closing of last year (102.728 million euros).