Treasury: auctions of State Bonds and Obligations on October 15

The General Directorate of the Treasury and Financial Policy has arranged new issuances of State Bonds and Obligations and has called for the corresponding auctions for the coming October 15, 2026. The decision is formalized in the Resolution of October 9, 2026, published in the Official State Gazette (Boletín Oficial del Estado) no. 253, of October 12, 2026, section III, page 136257, with official reference BOE-A-2026-21229. Three references are being offered, all of which are extensions of previous issuances.

The operation is supported by Order ECM/2/2026, of January 9, which provides for the creation of State Debt during the year 2026 and January 2027, authorizing the General Secretariat of the Treasury and International Financing to issue debt and establishing the framework for the issuances. The annual calendar of ordinary auctions was published by means of the Resolution of January 14, 2026, of the General Directorate of the Treasury and Financial Policy. According to the text, the call responds to the objective of meeting investor demand and follows the recommendations of the Primary Dealer entities.

Three references on offer

The securities to be auctioned on October 15 are:

• Three-year State Bonds at 2.35 per 100, maturing March 31, 2029, with an accrued coupon of 1.31 per 100.
• Five-year State Bonds at 2.60 per 100, maturing May 31, 2031, with an accrued coupon of 1.01 per 100.
• State Obligations at 3.55 per 100, maturing October 31, 2033, with a residual life of approximately seven years and an accrued coupon of 3.44 per 100.

The annual nominal rate and the amortization and coupon maturity dates are those already established in the Resolution of January 9, 2026, for the three-year Bonds, in the Resolution of February 13, 2026, for the five-year Bonds, and in Orders ETD/573/2023 and ETD/581/2023, of June 7 and 8, for the Obligations at 3.55 per 100.

Calendar, settlement, and second rounds

The auctions will be held on October 15, 2026, and competitive bids shall be submitted as a percentage with two decimal places, formulated ex-coupon. The securities will be put into circulation on October 20, 2026, the date of disbursement and account debit set for account holders in 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 Fixed Income Market.

The second rounds, with exclusive access for Market Makers of State Bonds and Obligations, will take place between the resolution of the auctions and twelve o’clock on the business day prior to the date of issuance, and will be awarded at the marginal price resulting from the auction phase. The first coupon will be paid on October 31, 2026, for the Obligations at 3.55 per 100, on March 31, 2027, for the three-year Bonds, and on May 31, 2027, for the five-year Bonds.

The issued securities are classified as strippable Bonds in accordance with the Order of June 19, 1997, although the commencement of stripping and reconstitution operations for the five-year Bonds at 2.60 per 100 requires authorization from the General Secretariat of the Treasury and International Financing. The new tranches will be added to the mentioned issuances and will be managed as a single issuance from the date of their circulation.

Equivalence tables and signature

The annex to the resolution includes, for informational purposes for participation in the auctions, equivalence tables between prices and yields calculated according to article 14.2 of Order ECM/2/2026. For the three-year Bonds, the gross yields listed range from 3.971 per 100 with an ex-coupon price of 96.25 to 2.873 per 100 with a price of 98.75; for the five-year Bonds, the range spans from 3.858 per 100 (price 94.75) to 3.246 per 100 (price 97.25).

The resolution is signed in Madrid on October 9, 2026, by the Deputy Director General of Public Debt Management, Mercedes Abascal Rojo, by delegation of signature in accordance with the Resolution of July 31, 2026.

The call sets the starting price of three key references of the State’s financing program and determines the cost at which the Treasury will raise funds in the medium and long-term market. The yields in the tables guide institutional investors on the expected return and anticipate the impact of these issuances on the State’s financial burden.

Source: Official State Gazette, no. 253, of October 12, 2026, Sec. III. Other provisions, page 136257 (official reference: BOE-A-2026-21229).