The Treasury issues twenty-year Government Bonds via syndication

The Ministry of Economy, Trade and Enterprise has arranged for the issuance of the first tranche of a new reference of twenty-year State Bonds through the syndication procedure, according to Order ECM/941/2026, of September 8, published in the Official State Gazette number 223, of September 9, 2026. The placement may take place, if market conditions so advise, starting from September 8, 2026.

The order, signed by delegation by the Secretary General of the Treasury and International Financing, Paula Conthe Calvo, is based on the extended borrowing authorization of Law 31/2022, of December 23, on the General State Budgets for 2023, and on Order ECM/2/2026, of January 9, which regulates the creation of State Debt during 2026 and January 2027.

A green and strippable reference

This is the fourth twenty-year strippable nominal reference issued by the Treasury and the second reference issued within the framework of the sovereign green bond program of the Kingdom of Spain, in accordance with the Green Bond Framework updated in September 2026. The expenses linked to the issuance will be identified in the General State Budgets and will cover, among others, renewable energy, energy efficiency, clean transport, sustainable water management, and climate change adaptation.

By Order of September 7, 2026, a mandate was granted to six entities, belonging to the group of Market Makers for Bonds and Obligations of the Kingdom of Spain, to lead and organize the issuance.

Structure of the syndicate

The awarded syndicate is structured into three levels:

• Lead Managers: Banco Bilbao Vizcaya Argentaria, SA, Banco Santander, SA, Barclays Bank Ireland PLC, Crédit Agricole Corporate and Investment Bank, JP Morgan SE and Morgan Stanley Europe SE.
• Featured Co-leads: BNP Paribas, SA, Citibank Europe P.L.C., Deutsche Bank A.G., HSBC Continental Europe and Société Générale.
• Co-managing Entities: the remaining Market Makers of Public Debt of the Kingdom of Spain.

Technical characteristics

The Bonds will be redeemed at par on July 30, 2047, with coupons maturing on July 30 of each year, the first coupon to be paid on July 30, 2027. The securities are classified as strippable bonds, although the start of stripping and reconstitution operations must be approved by the General Secretariat of the Treasury.

• Subscription shall be made in nominal amounts that are whole multiples of 1,000 euros.
• Payment shall be made to the Public Treasury account at the Bank of Spain on the date of issuance.
• Price stabilization operations may be carried out, which in no case shall be borne by the Public Treasury.
• Expenses shall be charged to Section 06, Public Debt, of the Budget of the General State Administration.

The choice of syndication seeks to improve distribution among end investors, allow access to new and qualified investors, and provide the new benchmark with a sufficient outstanding balance to guarantee its liquidity and presence on international electronic trading platforms. The issuance reinforces the Treasury’s long-term financing strategy and consolidates Spain’s positioning in the sovereign green debt market.

Source: Official State Gazette, no. 223, September 9, 2026, Sec. III, page 120765 (official reference: BOE-A-2026-18896).