The Treasury expects to place up to 6.5 billion in six- and twelve-month bills this Tuesday
He Public Treasury Spanish hopes to place this Tuesday between 5,500 million and 6,500 million euros in six and twelve month billsaccording to the objectives announced by the agency dependent on the Ministry of Economy.
In the last issue of this paper, the Treasury placed 4,976 million euros and did so increasing the profitability offered to investors by both references. Specifically, the marginal interest on six-month bills rose to 1.968% and that on twelve-month bills increased to 2.004%.
On your side, on Thursday, January 15, The Treasury plans to award between 5,000 million and 6,000 million euros in a medium and long-term debt issue.
Specifically, a new reference of 3-year State bonds will be auctioned, with a coupon of 2.35%; State obligations for 15 years, with a coupon of 3.50% and 50-year State obligations, with a coupon of 1.45%.
The marginal reference interest rates for this auction are 3.621% for 15-year State obligations and at 3.904% for 50-year State obligations.
In addition to the auctions this Tuesday and Thursday, The Treasury will hold another issue on the 20th, of three- and nine-month bills, with which the month of January will close.
Financing needs of 55 billion by 2026
The Public Treasury foresees New financing needs of 55 billion 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 what is planned for 2025 (171,514 million euros), while 108,758 million euros for Treasury billsalmost 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.
