Two references were auctioned with a target range of €2 to €3 bn: 3 Month Letras: €0.86 bn allotted, 2.55 cover ratio, 2.359% weighted average rate. 9 Month Letras: €1.52 bn allotted, 2.19 cover ratio, 2.269% weighted average rate.

Three references were auctioned with a target range of €5.5 to 6.5 bn: Apr-2030: €1.70 bn allotted, 1.99 cover ratio, 2.757% weighted average rate. Apr-2035: €3.19 bn allotted, 1.54 cover ratio, 3.382% weighted average rate. Jul-2043: €1.59 bn allotted, 1.76 cover rate, 3.900% weighted average rate.

The Kingdom of Spain priced a new 15-year benchmark, the second syndicated Obligaciones del Estado in 2025. The new €7 bn SPGB due Jan 2041 pays a 3.50% annual coupon. Final orderbook closed in excess of €88 bn.

The Kingdom of Spain priced a new 10-year benchmark, the first syndicated Obligaciones del Estado in 2025. The new €15bn SPGB due Apr 2035 pays a 3.15% annual coupon. Final orderbook closed in excess of €124bn.

In 2025, net issuance to the market will increase slightly to €60 bn to finance the exceptional measures adopted to mitigate the effects of the DANA, and providing enough flexibility to ensure a rapid reconstruction and relaunch of the affected area. However, this does not alter the planned fiscal trajectory, maintaining the commitment to the fiscal targets announced for the coming years and a continued reduction in the debt ratio. Gross issuance is expected to stand at 278.448 billion euros, a 7.4% increase compared to 2024