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Spain Treasury Sets September Auction After ECB Hike

By Markets Desk · 2026-09-13 · 2 min read
A stack of cylindrical metal coins and a rolled-up scroll of parchment on a wooden desk
Illustration: Tradingbird

The Spanish Treasury launches a new bond auction on Thursday, closing the month's issuance calendar. This follows the European Central Bank's decision to raise key interest rates by 25 basis points.

The Spanish Public Treasury will conduct a bond auction on Thursday. This event marks the final issuance for September. The operation takes place immediately after the European Central Bank raised its benchmark rates. The ECB increased the deposit rate to 2.5% last Thursday. This move signals continued caution regarding inflation.

The auction offers three distinct government bond tranches. The first tranche has a residual life of five years and seven months. It carries a coupon of 0.70%. The second tranche matures in eight years and one month with a 3.45% coupon. The third tranche is a ten-year bond with a 3.40% coupon. These instruments are offered to meet the state's immediate funding needs.

Reference Rates Set for Auction

Marginal reference rates are defined for each bond type. The five-to-six-year bond has a reference rate of 2.722%. The eight-year bond is set at 2.747%. The ten-year bond carries a reference rate of 3.545%. These levels reflect the current cost of borrowing in the market.

The ECB raised rates for the second time this fiscal year. The previous increase occurred in June. That was the first hike since September 2023. The Governing Council aims to maintain price stability. This context influences the pricing of new sovereign debt.

Strong Demand for Recent Issuances

The Treasury recently issued a four billion euro green bond. This was the fourth syndication of the fiscal year. The bond matures in July 2047. Demand reached 68 billion euros for this issuance. This represents an oversubscription of more than 17 times the awarded volume.

This is the second green bond launch since 2021. The total outstanding balance of these securities exceeds 22.3 billion euros. The strong demand indicates investor confidence in Spanish debt. This momentum supports the upcoming Thursday auction.

2026 Financing Needs Remain Stable

The Treasury plans net financing needs of 55 billion euros for 2026. This figure matches the 2025 target. Fifty billion euros will fund medium and long-term debt. Five billion euros will cover Treasury bill issuances. These allocations remain consistent with the previous year's strategy.

Gross issuances are expected to reach 285.693 billion euros in 2026. This is a 4.2% increase compared to the 2025 closing estimate. The rise is driven by higher amortizations. Gross medium and long-term debt issuances are set at 176.935 billion euros. Treasury bill issuances are projected at 108.758 billion euros. The Ministry of Economy cites budgetary responsibility as a guiding principle.

Based on reporting by Demócrata, compiled by the Tradingbird desk.

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