all auctions of Letters, Bonds and Obligations that will be held in January

He Public Treasuryan organization dependent on the Ministry of Economy, Commerce and Business, will hold its first auction of 2026 this Thursdaywith the issuance of State Bonds and Obligations.

The organization will place 5-year State Bonds, with a coupon of 2.7% and maturity date of January 31, 2030. In the previous auction, held at the beginning of December, this paper registered an interest of 2.480%.

In Thursday’s session, The Treasury will also issue 7-year State Obligationswith a 3% coupon and maturity date of January 31, 2033. The previous interest was 2.891%.

That same day, they will be auctioned State bonds indexed to 10 years, with a coupon of 1.15% and maturity date is November 30, 2036. In the previous issue, its interest was 1.469%. On the other hand, 20-year State Obligations will be placed, with a coupon of 3.45% and maturity date of July 30, 2043.

Throughout January, The organization will return to the markets on the 13th and 20th, with a Letter placements, and, also, on the 15th, with an auction of State Bonds and Obligations. The Treasury set its net emissions target for 2026 at €55 billion, the same as in 2025.

The Treasury will continue this year with its pattern of issuing securities, so that the majority of its financing will come from the regular auctions of Treasury Bills and State Bonds and Obligationsas explained in its Strategy for this year.

Throughout 2026, The organization has 48 regular auctions scheduled of Treasury Bills and State Bonds and Obligations. Every month there will be two broadcasts of Letters, which will be held on Tuesdays.

The first auction, for 6 and 12 month bills, will take place on Tuesday of the week in which the monthly amortization takes place, to facilitate reinvestment. The second auction, for Letters at 3 and 9 months, will be held the following Tuesday.

The Letters at 3, 6 and 9 months are reopenings of Letters at 12 months inaugurated9, 6 and 3 months before, respectively, so to guarantee a sufficient degree of liquidity from its launch, larger volumes will be issued in the first openings, as detailed by the Treasury in its 2026 Strategy.

The issuance of green bonds continues

The ordinary auctions of nominal State Bonds and Obligations will be held generally on the first and third Thursday of each month. In the first monthly auction of Bonds and Obligations, a reference indexed to European inflation may be incorporated. In these cases, two emission ranges will be announced, one for nominal Bonds and Obligations and another for indexed Bonds and Obligations.

The organization will also continue to issue green bonds in 2026 as part of its financing plan. The Treasury plans to continue reopening the green bond issued in 2021 until reaching a volume similar to that of the rest of the Treasury curve references, to provide liquidity.

The emission volume in 2026 will depend on the eligible expense determined by the Working Groupor for the Structuring of the Issuances of Sovereign Green Bonds of the Kingdom of Spain and the Promotion of Sustainable Finance.

Non-regular emission

The 2026 Treasury Strategy will also continue to draw on bank syndication process as an issuance method of the first tranches of State Obligations, generally with a term equal to or greater than 10 years. This method is used, above all, for the issuance of new references, since it allows larger volumes to be issued than in a ordinary auction and contributes to the liquidity of new references.

Another advantage of these issues is that they allow a diversified investor base to be selected and thus favors the performance of the new reference in the secondary market after its launch.

This year, the Treasury is also considering issuing state debt through private placements, in which a security is issued directly to an investor. These placements are made at the proposal of the investorswhich must channel them through the State Bond and Obligation Market Creators.

These auctions will be carried out on an exceptional basis, to the extent that they “contribute to the diversification of the Treasury’s investment baseallow the interest burden of the State’s public debt to be reduced and fit into the strategic lines established by the Treasury”, as noted in the Strategy.