He Public Treasury obtains 6,463 million euros in Letters and increases interest to maximums not seen since September 2024. Demand has increased by 11,500 million and the organization is preparing a new issue this week for 6,750 euros. According to data from the Bank of Spain, this issue confirms the investor appetite for Spanish debt in a context of stability in the Eurozone.
The auction takes place after the last meeting of the European Central Bank (ECB)which chose to keep interest rates unchanged despite the inflationary tensions derived from the increase in energy prices due to the conflict in Iran. This scenario has not stopped demand: requests have exceeded 11,586 million euros, almost double what was finally awarded.
The Treasury confirms the highest interests since January 2025 by placing 6,440 million in the auction of the bills
The Treasury inaugurates 2026 with a first auction of up to 7,250 million in medium and long-term debt
In detail, the Treasury has issued 2,033 million in six-month bills, with a marginal interest of 2.389%, slightly lower than that of the previous auction. On the other hand, in twelve-month bills, where 4,429 million euros have been placed, the profitability has risen to 2.651%, above the previous 2.640% and at its highest since last autumn.
The next issue will be up to 6,750 million euros
The agency dependent on the Ministry of Economy will return to the market this Thursday with a new auction of State bonds and obligations, with which it plans to raise between 5,250 and 6,750 million euros. The issue will include references to three, ten and fifteen years, the latter indexed to inflation, in addition to a security with a residual life of more than 18 years.
The reference rates in the secondary market are around 2.737% for the three-year bond and 3.440% for the ten-year obligation, which anticipates the financing cost that the Treasury will face in this new operation.
A stable financing strategy
The issuance calendar will continue on May 12 and 21, with new auctions of bills and medium- and long-term debt, respectively. These operations are part of a strategy that plans to maintain net financing needs of 55 billion euros, in line with the previous year.
Of that figure, the majority, 50,000 million, will correspond to medium and long-term debt, while 5,000 million will be covered by bills. In gross terms, issuances will reach around 285.7 billion euros, driven by higher maturities.
The Treasury faces this program with the support of an economy that maintains higher growth than its European partners and with an average life of the debt close to eight years, a factor that contributes to containing the impact of interest rate variations on the total cost of financing.