The Spanish Public Treasury will issue three and nine-month bills on Tuesday and bonds and obligations on Thursday. The yield on three-month bills reached 2.244% in the last auction, the highest since March 2025.
The Spanish Public Treasury faces the last week of July with two key auctions. On Tuesday, July 28, it will issue three and nine-month bills, while on Thursday, July 30, it will auction state bonds and obligations for 3, 7, and 30 years. These operations close the emissions calendar for the month.
Rising yields on short-term bills
In the last issuance of bills, the Treasury placed €2,962.13 million. The marginal interest rate for three-month bills was set at 2.244%, the highest level since March 2025 and up from 2.163% in the previous auction. Meanwhile, the yield on nine-month bills reached 2.524%, also at its highest since November 2024.
This increase in interest rates is a response to the monetary policy of the European Central Bank, which maintains interest rates at high levels to combat inflation. Investors thus obtain a higher return on their money in the short term.
Bonds and obligations: references for Thursday
On Thursday, the Treasury will auction 3-year state bonds with a coupon of 2.35%, 7-year and 3-month obligations with a coupon of 3.55%, and 30-year obligations with a coupon of 3.95%. The marginal reference interest rates are 2.775% for 3-year bonds, 3.065% for 7-year obligations, and 3.980% for 30-year obligations.
These emissions allow the Treasury to raise medium and long-term financing, diversifying its sources of debt. For individual investors, bonds and obligations offer an attractive fixed return in a high-interest rate environment.
Financing needs of €55 billion for 2026
The Public Treasury anticipates net financing needs of €55 billion for 2026, the same figure as in 2025. Of this total, €50 billion will be allocated to medium and long-term debt (bonds, obligations, foreign currency debt, and loans), while €5 billion will correspond to Treasury bills.
In gross terms, total emissions will reach €285.693 billion, a 4.2% increase from 2025, due to higher anticipated amortisations. Of this amount, €176.935 billion corresponds to medium and long-term debt (a 3.1% increase) and €108.758 billion to Treasury bills (a 5.9% increase).
The average life of Spanish debt stood at 7.93 years in 2025, its highest level since 2021, reflecting the Treasury's strategy to extend maturities to reduce refinancing risk.
For investors, these auctions present an opportunity to acquire public debt with attractive yields. Short-term bills offer liquidity and increasing returns, while bonds and obligations allow for fixed interest over several years. The complete calendar and results will be published on the Treasury's website.
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