The Treasury awards 7,010.6 million in medium and long-term debt, offering greater profitability over five years
The Public Treasury has given the starting signal this Thursday to the debt auctions at a ‘hectic’ start to the year due to the tensions caused by the United States military intervention in Venezuela and the arrest of Nicolás Maduro and his wife. The organization has placed this Thursday 7,010.615 million euros, with notable investor appetite and improved profitability offered to investors.
Specifically, The Treasury has auctioned five-year State bonds, with a coupon of 2.70% and maturity on January 31, 2030; seven-year State obligations, with a 3% coupon and maturity on January 31, 2033; Ten-year State obligations linked to eurozone inflation, with a coupon of 1.15% and maturity on November 30, 2036, and 20-year State obligations, with a coupon of 3.45% and maturity on July 30, 2043.
For this first issue of 2026, the Treasury has received a high demand amount, 14,496.9 million euros, which is more than double what was finally awarded in the markets.
In 5-year State bonds, the Treasury has awarded 2,813.874 million, facing a demand of 6,219,032 million, with a marginal interest of 2.512%, above the 2.480% offered in the previous auction of this paper.
In the case of 10-year State obligations indexed to euro zone inflation, The public body has placed 726,095 million euroscompared to requests of 1,376.095 million, with a marginal interest of 1.517, above the previous 1.469%.
It has also awarded 2,012,277 million in seven-year State obligations, facing a demand of 4,177.293 million, with a coupon of 2.943%; and has placed 1,458.369 million in 20-year State obligations, compared to requests of 1,458.369 million, with a coupon of 3.814%.
In addition to this Thursday’s auction, the Treasury will hold three other issues this January. Specifically, On Tuesday the 13th it will auction six and twelve month bills; On Thursday the 15th it will issue State bonds and obligations again, and on the 20th it will close the January auctions with an issuance of three- and nine-month bills.
Financing needs for 2026
The Public Treasury foresees new financing needs of 55,000 million by 2026the same figure as in 2025. The financing strategy of the Public Treasury will be conditioned this year by the good moment of the Spanish economy and budgetary responsibility, according to the Ministry of Economy.
Of the 55 billion euros expected in net Treasury issuances for this year, 50,000 million euros will be for medium and long-term debtthat is, bonds and obligations, debt in foreign currency, loans and assumed debts, while 5,000 million will be to issue Treasury bills, the same figures as in 2025.
In gross terms, Total emissions will reach 285,693 million euros this year, 4.2% more compared to the closure planned for 2025 (274,242 million euros), due to the higher amortizations that will occur in 2026.
Of this gross amount programmed for this year, 176,935 million euros correspond to gross issuances of medium and long-term debt, 3.1% more than expected for 2025 (171,514 million euros), while 108,758 million euros are expected for Treasury bills, almost 5.9% more compared to the estimated closing for last year (102,728 million euros).
In 2025, for the fifth consecutive year, the average life of Spanish debt was maintained at around eight years. Specifically, according to the data offered last month by the Ministry, The average life of the Spanish debt stood at 7.93 years in 2025, its highest level since 2021, when it reached 7.99 years.
