The Treasury awards 6 billion in August debt auctions

The Ministry of Economy, Trade and Enterprise has made public the results of the auctions for State Bonds and Obligations held on August 6, 2026, in which 6,042.784 million euros were awarded out of a total requested amount of 13,542.850 million. The Resolution of August 10, 2026, from the General Directorate of the Treasury and Financial Policy, is published in the Official State Gazette number 204, of August 20, 2026, in section III, page 115823.

The publication is in accordance with the provisions of article 13.1 of Order ECM/2/2026, of January 9, which regulates the creation of State Debt during 2026 and January 2027 and requires the dissemination of the results of each auction through a resolution from the General Directorate of the Treasury. The auctions had been convened by resolution of July 31, 2026, and were resolved on August 6, with no requests submitted for the second round in three of the four issuances.

Four issuances, four maturities

The Treasury placed debt in four tranches with different terms and coupons, all with demand exceeding supply:

• Five-year State Bonds at 2.60%, maturing May 31, 2031: 1,849.861 million awarded out of 4,265.361 requested, with an average yield of 3.005%.
• Seven-year State Obligations at 3.00%, maturing January 31, 2033: 1,565.007 million awarded out of 3,402.007 requested, with an average yield of 3.188%.
• Ten-year State Obligations at 3.40%, maturing October 31, 2036: 1,900.000 million awarded out of 4,530.566 requested, with an average yield of 3.542%.
• Fifteen-year inflation-indexed State Obligations (€i) at 2.05%, maturing November 30, 2039: 727.916 million awarded out of 1,344.916 requested, with an average yield of 1.715%.

Yields and pro-rating

The financing cost reached levels of up to 3.542% in the ten-year tranche, the highest of the day, while the inflation-indexed issuance closed at 1.715%. In the ten-year auction, requests made at the minimum accepted price were pro-rated with a coefficient of 51.10%, indicating demand concentrated at the lowest price levels.

In the fifteen-year issuance, the only one with a second round, an additional 142.364 million euros were awarded at a price of 105.260% without inflation and 116.843% with inflation, with an indexation coefficient of 1.11004. The remaining tranches recorded no requests in the second round.

Signature and regulatory framework

The resolution was signed in Madrid on August 10, 2026, by the Deputy Director General of Public Debt Management, Mercedes Abascal Rojo, by delegation of the Director General of the Treasury and Financial Policy, pursuant to the resolution of July 31, 2026. The document bears the official reference BOE-A-2026-17991.

The results confirm the Treasury’s ability to raise financing in the wholesale markets within a context of interest rates that remain high. For investors, the published yields set the profitability benchmark for Spanish sovereign debt in the medium and long term, while for the State, they determine the financing cost of the upcoming issuances of the fiscal year.

Source: Official State Gazette, no. 204, August 20, 2026, Sec. III, p. 115823 (official reference: BOE-A-2026-17991).