The Public Treasury returns to the markets this Tuesday with an auction of 6 and 12-month bills, expecting to raise between €5.5 and €6.5 billion, after raising yields to two-year highs in the previous issuance.
The Public Treasury faces a new auction of 6 and 12-month bills this Tuesday with a target of raising between €5.5 and €6.5 billion, according to information published by pressdigital.es. This operation comes after the previous issuance where the agency under the Ministry of Economy allocated €6.495.7 billion, close to the maximum expected range.
In that last placement, the Treasury raised the yield offered to investors on both references to two-year highs, in a context marked by interest rate hikes from the European Central Bank (ECB) to contain inflation.
The marginal yield of the 6-month bills stood at 2.641%, its highest level since November 2024. For the 12-month bills, the marginal interest reached 2.846%, compared to 2.679% in the previous auction, the highest level since September 2024.
After this issuance, the Treasury will return to the debt markets on October 13 with an auction of 3 and 9-month bills. The last appointment of the month will be on October 15, with a placement of state bonds and obligations.
The agency anticipates new financing needs of €55 billion for 2026, the same figure as in 2025. Of that total, €50 billion will correspond to medium and long-term debt (bonds and obligations, foreign currency debt, loans and assumed debts), while €5 billion will be covered by Treasury bills, identical amounts to the previous year.
In gross terms, total issuances this year will reach €285.693 billion, a 4.2% increase compared to the projected closing for 2025 (€274.242 billion), due to higher amortisations expected in 2026. Of that gross amount, €176.935 billion corresponds to gross issuances of medium and long-term debt, a 3.1% increase compared to the forecast for 2025 (€171.514 billion), and €108.758 billion is expected for Treasury bills, almost a 5.9% increase compared to last year's estimated closing (€102.728 billion).
The Treasury's financing strategy for this year will be conditioned by the good state of the Spanish economy and budgetary responsibility, according to the Ministry of Economy.
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