The Treasury will repeat in 2026 the net issuance of €55 billion of debt as this year.
The Economy Ministry will allocate 91% of the placements, 50 billion net, to medium and long-term securities, as it did in 2025.
BarcelonaThe Spanish Treasury expects to reach a net debt issuance of €55 billion next year, the same as in the current fiscal year, focused on medium- and long-term bonds, which will account for almost 91% of the total, or €50 billion. This is the strategy of the agency, which reports to the Ministry of Economy headed by Carlos Cuerpo, and which was announced today. In total, gross issuance will be €285.693 billion, 4.18% higher than the figure for the end of 2025. This increase is due to higher debt amortizations (€126.935 billion, compared to €121.524 billion in the current fiscal year). Net issuance, initially projected at €60 billion to allow for flexibility in the event of situations such as the severe weather in Valencia, ultimately reached €55 billion this year. According to official data, "the positive performance of the Spanish economy is reflected both in the markets and in the main credit rating agencies." This is reflected in the risk premium compared to the 10-year German bond, which is the benchmark. The Treasury also highlights the improvement in public finances, with "sustained reductions in public debt and deficit." "The financing strategy is explained by the strong performance of the economy and resources (revenues). The improved rating gives a positive image to the markets. The risk premium compared to Germany has halved in the last two years, and today it is at levels not seen since 2009," highlighted the Minister of Economy, Carlos Núria Rius MontanerIn fact, it maintains the approach of 2025 and states that "it is a prudent but also flexible strategy given the context of international uncertainty." In 2025, virtually the entire program planned by the Treasury was implemented a few weeks before the end of the year.
Treasury data reveals that the cost of newly issued debt has decreased from 3.16% in 2024 to 2.71% this year, while the cost of outstanding debt has fallen from 2.21% to 2.31%. The average maturity of the debt remains below eight years. Specifically, with data as of the end of November of this year, the average maturity stands at 7.93 years: still below the peak of 7.99 years recorded in 2021, but above the 7.85 years of 2024.
