The Public Treasury closes this Thursday the issuances of October with an auction of 3 and 5-year bonds and 7-year obligations. It expects to place between €4.5 and €5.5 billion.
The Public Treasury returns this Thursday to the debt markets to close the issuances for the month of October. The auction includes 3-year government bonds, with a coupon of 2.35%; 5-year bonds, with a coupon of 2.60%, and obligations with a residual life of 7 years, with a coupon of 3.55%. The agency, dependent on the Ministry of Economy, expects to place between €4.5 and €5.5 billion, as reported by pressdigital.es.
The marginal reference rates stand at 3.085% for the 3-year bonds, 3.26% for the 5-year bonds, and 3.301% for the 7-year obligations. These figures serve as a guide for investors to orient their bids in the auction.
The operation comes after the Treasury allocated on Tuesday €2,133.91 million in treasury bills, within the expected average range, raising the offered yield to the highest levels in the last two years and nearing 3% for the nine-month reference.
The context is marked by interest rate hikes from the European Central Bank (ECB) to contain inflation. This policy has led the Treasury to offer higher yields, especially in treasury bills, a highly demanded instrument by Spanish households.
For 2026, the agency foresees new financing needs of €55 billion, the same figure as in 2025. Of that total, €50 billion will be allocated to medium and long-term debt, currencies, loans, and assumed debts, while €5 billion will correspond to treasury bills.
In gross terms, total issuances will reach €285.693 billion, a 4.2% increase compared to the expected closure for 2025 (€274.242 billion), due to higher amortisations in 2026. Of that amount, €176.935 billion are gross issuances of medium and long-term debt, a 3.1% increase compared to 2025, and €108.758 billion are reserved for treasury bills, almost a 5.9% increase compared to the previous year.
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