The Public Treasury has raised 2,962.13 million euros this Tuesday in a new auction of three- and nine-month bills, an amount situated in the middle of the expected range, also raising investor remuneration to the highest levels in the last twelve months.
In this third auction of June, Spanish debt securities have continued to arouse strong appetite among investors, with demand reaching 6,997.5 million euros, well above the volume finally awarded.
In the three-month segment, the body dependent on the Ministry of Economy has placed 663.78 million euros. The marginal interest rate has been set at 2.244%, above the 2.163% recorded in the previous issuance of the same term and the highest since March 2025. In this case, requests have exceeded 2,668 million euros.
As for the nine-month bills, 2,298.35 million euros have been allocated compared to the 4,328.56 million requested by the market. The average yield has stood at 2.524%, slightly above the 2.521% of the previous auction of this benchmark and the highest yield since November 2024.
This auction was the last before this Thursday, June 11, the Governing Council of the European Central Bank adopts the predictable decision, according to economists, to raise interest rates to contain the price escalation derived from the war in the Middle East.
After this operation, the Treasury will return to the markets on June 18 and will complete the June calendar with an auction of government bonds and obligations.
Treasury Financing Plan for 2026
The Public Treasury maintains for 2026 new financing needs of 55,000 million euros, the same figure set for 2025. According to the Ministry of Economy, the borrowing strategy will be marked this year by the good performance of the Spanish economy and fiscal discipline.
Of these 55,000 million euros in net issuance 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 liabilities—, while the remaining 5,000 million will correspond to Treasury bills, identical amounts to those of 2025.
In gross terms, the total volume of issuances for this year will amount to 285,693 million euros, 4.2% more than the estimated closing for 2025 (274,242 million euros), an increase linked to the higher redemptions foreseen for 2026.
Of the gross figure programmed, 176,935 million euros correspond to medium and long-term debt issuances, 3.1% more than calculated for 2025 (171,514 million euros). For Treasury bills, 108,758 million euros are contemplated, almost 5.9% more than the estimated closing of last year (102,728 million euros).
In 2025, for the fifth consecutive year, the average life of state 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 level since 2021, when it reached 7.99 years.