The Treasury auctions ten, fifteen, and four-year Bonds and inflation-linked bonds

The General Directorate of the Treasury and Financial Policy has arranged the issuances of Government Bonds corresponding to the month of November 2026 and has called for auctions for the coming November 5. The decision is published in the Official State Gazette (Boletín Oficial del Estado) no. 272, of November 2, 2026, Section III, page 147002, by means of the Resolution of October 30, 2026 (official reference BOE-A-2026-22997). In total, four references are being offered, including one linked to inflation.

The resolution is based on 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 requires the publication of an annual calendar of ordinary auctions. That calendar was established by Resolution of January 14, 2026, of the General Directorate of the Treasury and Financial Policy, which regulates the development and resolution of Bond and Obligation auctions for 2026 and January 2027. According to the text, the offer addresses investor demand and the recommendations of the Market Maker entities, and is structured as an expansion of existing issuances.

Four references on offer

The arranged issuances, all denominated in euros, are as follows:

• Ten-year Government Bonds at 3.40 per 100, maturing on October 31, 2036.
• Fifteen-year Government Bonds at 3.50 per 100, maturing on January 31, 2041.
• Government Bonds at 3.10 per 100, maturing on July 30, 2031, with a residual life of approximately four years and nine months.
• Government Bonds indexed to the Harmonised Index of Consumer Prices excluding tobacco of the eurozone at 0.70 per 100, maturing on November 30, 2033, with a residual life of approximately seven years and one month.

Bidding conditions and accrued interest

The auctions will be held on November 5, 2026, in accordance with the published calendar. The price of competitive bids shall be recorded as a percentage with two decimal places and shall be formulated ex-coupon; in the case of indexed Bonds, it will be calculated without applying the multiplier index. The accrued interest (coupon) of the offered securities is:

• 0.87 per 100 for the Bonds at 3.10 per 100.
• 0.66 per 100 for the Bonds at 0.70 per 100 indexed to inflation.
• 0.09 per 100 for the ten-year Bonds at 3.40 per 100.
• 2.71 per 100 for the fifteen-year Bonds at 3.50 per 100.

The indexation coefficient or multiplier index as of the issuance date is 1.30398. The second rounds, reserved exclusively for Market Makers operating in the field of Bonds and Obligations, will take place between the resolution of the auctions and twelve o’clock on the business day prior to the issuance, and will be awarded at the marginal price of the auction phase.

Placement, coupons, and benchmark yields

The securities will be issued on November 10, 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, and will be officially admitted for trading on AIAF Mercado de Renta Fija. They will be added to the listed issuances and managed as a single issuance from the date of their circulation. The first coupons will be:

• November 30, 2026, for the Bonds at 0.70 per 100 inflation-indexed.
• January 31, 2027, for the fifteen-year Bonds at 3.50 per 100.
• July 30, 2027, for the Bonds at 3.10 per 100.
• October 31, 2027, for the ten-year Bonds at 3.40 per 100.

The issued securities are classified as strippable bonds; to initiate the stripping and reconstitution operations of the ten-year Bonds at 3.40 per 100 and the inflation-indexed ones at 0.70 per 100, authorization must be approved by the General Secretariat of the Treasury and International Financing. The annex of the resolution includes informative tables of equivalence between prices and yields: for the Bonds at 3.10 per 100, gross yields range from 3.805 to 3.215 per 100 for ex-coupon prices from 97.00 to 99.50; for the ten-year bonds, from 4.115 to 3.798 per 100 (94.25 to 96.75); for the fifteen-year bonds, from 4.362 to 4.112 per 100 (91.00 to 93.50); and for the indexed bonds, from 1.685 to 1.297 per 100 (93.50 to 96.00). The resolution was signed in Madrid on October 30, 2026, by the Deputy Director General of Public Debt Management, Mercedes Abascal Rojo, by delegation of signature.

The cost at which the Treasury places these four benchmarks will set the State’s financing reference for the long end of the curve and will serve as a guide for institutional and private investors, in addition to influencing the price of other fixed-income products and mortgage credit conditions.

Source: Official State Gazette, no. 272, of November 2, 2026, Sec. III, page 147002 (official reference: BOE-A-2026-22997).