The Treasury awards 751.7 million in three-month Bills at 2.645%

The Treasury awarded 751.685 million euros in three-month Treasury Bills with a maximum accepted interest rate of 2.645%, according to the resolution published in the Official State Gazette (BOE) no. 265, dated October 26, 2026. The General Directorate of the Treasury and Financial Policy, under the Ministry of Economy, Trade and Enterprise, made public the results of the three- and nine-month Bill auctions resolved on October 13, with an issuance date of October 16, 2026 (official reference BOE-A-2026-22432).

The publication is mandatory: article 13.1 of Order ECM/2/2026, of January 9, which provides for the creation of State Debt during 2026 and January 2027, requires the results of the auctions to be disseminated in the BOE via a resolution from the General Directorate of the Treasury and Financial Policy. The auctions for the fiscal year had been convened by a resolution dated January 13, 2026, from the same management center.

The document, signed in Madrid on October 15, 2026, by the Deputy Director General of Public Debt Management, Mercedes Abascal Rojo, by delegation of signature granted by resolution of July 31, 2026, details the amounts requested and awarded, prices, and effective rates for each tranche.

Three months: 751.7 million and a rate of 2.645%

The three-month Bills were issued on October 16, 2026, and mature on January 15, 2027. The nominal amount requested amounted to 1.886,838 billion euros, while the amount awarded stood at 751.685 million, meaning that demand was 2.5 times the final placement.

The award parameters were as follows:

• Maximum accepted interest rate: 2.645 per 100.
• Weighted average interest rate: 2.635 per 100.
• Price equivalent to the maximum rate: 99.336 per 100.
• Price equivalent to the weighted average rate: 99.339 per 100.
• Non-competitive bids: 136.373 million euros, at 99.339 per 100.

No bids were submitted for the second round in this tranche, as specified in the resolution.

Nine months: 1.464,5 billion between award and second round

The nine-month tranche, also issued on October 16, 2026, and maturing on July 9, 2027, concentrated a larger volume. The nominal amount requested was 2.842,344 billion euros and the amount awarded in the first round was 1.382,224 billion.

The rates were higher than those of the short term:

• Maximum accepted interest rate: 2.968 per 100.
• Weighted average interest rate: 2.960 per 100.
• Price equivalent to the maximum rate: 97.854 per 100.
• Price equivalent to the weighted average rate: 97.860 per 100.
• Non-competitive bids: 211.115 million euros, at 97.860 per 100.

To this was added the second round, with 82.312 million euros awarded at 97.854 per 100. The total placed in this term thus reaches 1.464,536 billion euros.

Prices with three decimals and effective calculation

The resolution recalls that, although the prices of competitive and non-competitive bids, including second rounds, are published with three decimals, all decimals are applied for the purpose of calculating the amount to be paid for the awarded nominal value, in accordance with article 12.4.b) of Order ECM/2/2026.

The breakdown by requested rates shows a concentration around the maximum rate: for the three-month term, the largest accepted competitive bid was 250 million at 2.645%, and for the nine-month term, two tranches of 150 million at 2.968% and 2.967%.

The reference is relevant for savers who place short-term liquidity in public debt and for the State’s financing cost: the marginal rate of 2.645% at three months and 2.968% at nine months mark the price at which the Treasury finances itself in the shortest segment of the curve before closing the fiscal year.

Source: Official State Gazette, no. 265, of October 26, 2026, Sec. III. Other provisions, page 143327 (official reference: BOE-A-2026-22432).