The Treasury sets four State Bond issues and calls for auction

The General Directorate of the Treasury and Financial Policy has arranged the issuances of Government Bonds corresponding to the month of October 2026 and has called for the appropriate auctions, which will be held on October 1. The decision is formalized in the Resolution of September 25, 2026, published in the Official State Gazette (Boletín Oficial del Estado) no. 239, of September 28, 2026, section III, page 127110 (reference BOE-A-2026-20145).

The operation is supported by 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 establishes the framework for the issuances. The annual calendar of ordinary auctions was published by the Resolution of January 14, 2026, of the General Directorate of the Treasury and Financial Policy, which regulates the development and resolution of the auctions of State Bills and Bonds. Following the recommendations of the Market Maker entities, the Treasury has opted to expand existing references instead of opening new ones.

Four references go to auction on October 1

The arranged issuances, all denominated in euros, are expansions of previous issuances:

• Ten-year Government Bonds at 3.40 percent, maturing on October 31, 2036, with an accrued coupon of 1.16 percent.
• Ten-year Government Bonds indexed to the harmonized index of consumer prices excluding tobacco in the eurozone, at 1.15 percent, maturing on November 30, 2036, with an accrued coupon of 0.98 percent and an indexation coefficient of 1.06665.
• Government Bonds at 1.45 percent, maturing on April 30, 2029, with a residual life of approximately two years and seven months and an accrued coupon of 0.63 percent.
• Government Bonds at 2.90 percent, maturing on October 31, 2046, with a residual life of approximately twenty years and one month and an accrued coupon of 2.70 percent.

The first coupon will be paid on October 31, 2026, for the 2.90 percent Bonds and the ten-year 3.40 percent Bonds —in the latter case for an amount of 1.397260 percent, according to Order ECM/533/2026—, on November 30, 2026, for the inflation-indexed bonds, and on April 30, 2027, for the 1.45 percent Bonds.

Second rounds and issuance

The second rounds of the called auctions will be reserved exclusively for the Market Makers acting in the field of State Bills and Bonds. They will take place between the resolution of the auctions and twelve o’clock on the business day prior to the issuance of the securities, and will be awarded at the marginal price resulting from the auction phase.

The securities will be issued on October 6, 2026, the date of disbursement and account debit set for account holders at the Sociedad de Gestión de los Sistemas de Registro, Compensación y Liquidación de Valores, SA Unipersonal. They will be officially admitted for trading on the AIAF Fixed Income Market and will be added to the original issuances, with which they will be managed as a single issuance.

Equivalence tables and rating of the securities

The annex to the resolution includes, for informational purposes for participation in the auctions, equivalence tables between prices and yields calculated in accordance with article 14.2 of Order ECM/2/2026. The published ranges are:

• Bonds at 1.45 per 100 (2029): ex-coupon prices from 94.00 to 96.50, with gross yields from 3.954 to 2.884 per 100.
• Ten-year bonds at 3.40 per 100 (2036): prices from 93.25 to 95.75, with yields from 4.238 to 3.920 per 100.
• Indexed bonds at 1.15 per 100 (2036): ex-coupon and ex-inflation prices from 92.75 to 95.25, with yields from 1.943 to 1.661 per 100.
• Bonds at 2.90 per 100 (2046): prices from 79.00 to 81.50, with yields from 4.513 to 4.294 per 100.

The issued Bonds and Obligations have a strippable rating, although the start of stripping and reconstituting operations for the two ten-year references will require authorization from the General Secretariat of the Treasury and International Financing. The resolution is signed by Mercedes Abascal Rojo, Deputy Director General of Public Debt Management, by delegation of signature.

The October 1 auction marks the financing cost of Spanish public debt in the final stretch of the year and serves as a reference for interest rates on mortgages, loans, and savings products. The result of the competitive bids, which will be stated as a percentage with two decimal places and formulated ex-coupon, will determine the effective yield that the Treasury will pay to the institutional investors participating in the issuance.

Source: Official State Gazette, no. 239, of September 28, 2026, section III, page 127110 (official reference: BOE-A-2026-20145).