The Public Treasury has placed 2.126 billion euros this Tuesday in a new auction of treasury bills, a figure situated in the intermediate range of the target set, also increasing the profitability offered for the three and nine-month maturities, according to data published by the Bank of Spain.
Investor appetite for Spanish debt remains firm and, in this latest July auction, requests reached 5.706.7 million euros, well above the amount finally awarded.
In the three-month maturity, the body dependent on the Ministry of Economy has awarded 896.563 million euros. The marginal interest rate has been set at 2.376%, above the 2.244% recorded in the previous issuance of this same maturity, which was already the highest to date. For this reference, requests exceeded 2.076 million euros.
As for the nine-month treasury bills, 1.229.879 million euros have been awarded with a marginal yield of 2.630%, above the 2.524% of the previous auction, which also marked the historical maximum for this maturity until now.
The July calendar will conclude this Thursday, July 16, with an auction of government bonds and obligations. 3-year bonds with a 2.35% coupon will be offered; government obligations with a residual life of 7 years and 3 months, with a 3.55% coupon; and 30-year obligations, with a 3.95% coupon. In this new process, the Treasury aims to raise between 5,000 and 6,000 million euros.
As a reference for this upcoming auction, the current marginal interest rates stand at 2.775% for 3-year government bonds; 3.065% for obligations with a residual life of 7 years and 3 months; and 3.980% for 30-year obligations.
Financing Target of 55 Billion Euros in 2026
The Public Treasury maintains net financing needs of 55 billion euros for 2026, the same amount projected for 2025. According to the Ministry of Economy, the borrowing strategy will be marked by the good performance of the Spanish economy and discipline in public accounts.
Of these 55 billion euros in net issuance projected for this fiscal year, 50 billion will be channeled into medium and long-term instruments, mainly government bonds and obligations, as well as foreign currency debt, loans, and assumed liabilities. The remaining 5 billion will be allocated to the issuance of treasury bills, replicating the scheme also designed for 2025.
If analyzed in gross terms, the total volume of emissions for this year will amount to 285,693 million euros, which represents an increase of 4.2% compared to the estimated close for 2025, set at 274,242 million euros. This increase is mainly due to the higher amortizations planned for 2026.
Within that gross figure, 176,935 million euros will correspond to medium and long-term debt placements, 3.1% more than the 171,514 million euros contemplated for 2025. For their part, Treasury bills will amount to 108,758 million euros, almost 5.9% above the volume estimated for last year, which stood at 102,728 million euros.