The Treasury issues 4 billion euros of twenty-year green bonds

Order ECM/946/2026, of September 9, published in the Boletín Oficial del Estado No. 224 of September 10, 2026 (official reference BOE-A-2026-18986), makes public the results of the issuance of the first tranche of twenty-year Obligations del Estado carried out through the syndication process. The awarded nominal amount totals 4,000 million euros, at a subscription price of 99.764% of the nominal value, representing an equivalent internal yield of 4.268%.

This issuance follows Order ECM/941/2026, of September 8 (BOE No. 223, reference BOE-A-2026-18896), which had arranged for the issuance of this new twenty-year reference and established its essential characteristics. This is the fourth segregable nominal reference at twenty years issued by the Treasury and the second reference issued under the sovereign green bond program of the Kingdom of Spain, in accordance with the Green Bond Framework updated in September 2026.

Characteristics of the issuance

The final conditions of the operation, determined by the Secretaría General del Tesoro y Financiación Internacional after consultation with the syndicate entities, are as follows:

• Issue date: September 15, 2026.
• Annual nominal interest rate: 4.25%.
• Awarded nominal amount: 4,000 million euros.
• Subscription price: 99.764% of the nominal value.
• Equivalent internal yield: 4.268%.
• Amortization: at par, on July 30, 2047.
• First coupon: payable on July 30, 2027, for a gross amount of 3.702740% of the nominal balance.

The bonds are issued in euros, in whole multiples of 1,000 euros, and are admitted for trading on AIAF Mercado de Renta Fija. They are classified as segregable bonds, with the authorization to begin segregation and reconstitution operations to be approved by the Secretaría General del Tesoro.

The awarding syndicate

The issuance syndicate, structured in three levels, is led by six Entidades Directoras Principales mandated by order of September 7, 2026:

• Banco Bilbao Vizcaya Argentaria, SA
• Banco Santander, SA
• Barclays Bank Ireland PLC
• Crédit Agricole Corporate and Investment Bank
• JP Morgan SE
• Morgan Stanley Europe SE

The second level, known as the colíderes destacados, includes BNP Paribas, SA, Citibank Europe P.L.C., Deutsche Bank A.G., HSBC Continental Europe, and Société Générale. The third level groups the remaining Creadores de Mercado de Deuda Pública of the Kingdom of Spain.

Calendar and commissions

The administration, subscription, and placement commissions have been set at 0.205% of the awarded nominal value. Before 3 p.m. on September 14, 2026, the winning syndicate must communicate to the Secretaría General del Tesoro y Financiación Internacional and the Banco de España the breakdown by entity of the subscribed nominal value, for the purposes of payment into the Public Treasury account and the registration of debt entries with the Sociedad de Gestión de los Sistemas de Registro, Compensación y Liquidación de Valores, SA Unipersonal.

The operation, signed by the Secretaria General del Tesoro y Financiación Internacional, Paula Conthe Calvo, is part of the State’s borrowing strategy for 2026, authorized by the extension of the 2023 budgets. For investors, this issuance offers a new twenty-year sovereign reference, green and liquid, whose expenditures equivalent to the nominal value will be allocated to energy transition and climate change mitigation projects.

Official Reference: Orden ECM/946/2026, de 9 de septiembre, BOE n° 224, 10 septembre 2026, Sec. III, p. 121225 (BOE-A-2026-18986).