The Treasury announces the Bond and Obligation auctions for September

The General Directorate of the Treasury and Financial Policy has called for the auctions of Government Bonds and Obligations to be held on September 3, 2026, according to the Resolution of August 28, 2026, published in the Official State Gazette number 214, of August 31, 2026 (official reference BOE-A-2026-18360). The call offers four public debt references, as extensions of existing issuances.

The resolution is issued within the framework of Order ECM/2/2026, of January 9, which authorizes the General Secretariat of the Treasury and International Financing to issue State Debt during 2026 and January 2027, and the annual auction calendar established by the Resolution of January 14, 2026. The document, signed by delegation by the Deputy Director General of Public Debt Management, Mercedes Abascal Rojo, is published in section III of the gazette, on page 117575.

The four references on offer

The auctions of September 3 will offer new tranches of the following issuances, all denominated in euros:

• Three-year Government Bonds at 2.35 per 100, maturing March 31, 2029.
• Five-year Government Bonds at 2.60 per 100, maturing May 31, 2031.
• Government Obligations at 3.30 per 100, maturing April 30, 2036, with a residual life of approximately nine years and eight months.
• Fifteen-year Government Obligations indexed to the Harmonised Index of Consumer Prices excluding tobacco in the euro area, at 2.05 per 100, maturing November 30, 2039.

The securities will be issued on September 8, 2026, the date of disbursement and account debit, and will be officially admitted for trading on AIAF Fixed Income Market. As these are extensions, they will be managed as a single issuance with the original references.

Technical conditions of the bids

Competitive bids shall be stated as a percentage with two decimal places, formulated ex-coupon; in the case of inflation-indexed obligations, without applying the indexation coefficient. The accrued coupon of the securities on offer is 1.04 per 100 for the three-year Bonds, 0.71 per 100 for the five-year Bonds, 1.18 per 100 for the Obligations at 3.30 per 100, and 1.58 per 100 for the fifteen-year indexed obligations. The indexation coefficient for the issuance date is 1.10974.

The first coupons will be paid in full on November 30, 2026 (indexed bonds), March 31, 2027 (three-year Bonds), April 30, 2027 (Bonds at 3.30 per 100), and May 31, 2027 (five-year Bonds). The issued securities are classified as strippable Bonds, although the stripping and reconstitution of the five-year Bonds and the indexed bonds will require authorization from the General Secretariat of the Treasury and International Financing.

Participation and second rounds

The second rounds of the auctions, to which only the Market Makers of State Bonds and Obligations will have exclusive access, will take place between the resolution of the auctions and twelve o’clock on the business day prior to the issuance, being awarded at the marginal price resulting from the auction phase. The resolution includes, in its annex, equivalence tables between prices and yields for the four references, calculated in accordance with article 14.2 of Order ECM/2/2026.

The call represents a new opportunity for institutional investors and retail savers to access Spanish sovereign debt with different term and profitability profiles, including a reference indexed to Eurozone inflation. The result of the auctions, which will be known on September 3, will set the State’s financing cost reference for the final stretch of the fiscal year.

Source: Official State Gazette, no. 214, August 31, 2026, Sec. III, page 117575 (official reference: BOE-A-2026-18360).