The Tesoro Público has completed its first syndicated transaction of the year with the issuance of a new ten-year bond maturing in April 2036, for a total amount of €15 billion. The transaction attracted record-breaking demand, exceeding €145 billion, nearly ten times the final issuance size.

This exceptional outcome highlights the strong confidence of financial markets in Spain’s economic outlook and the resilience of its sovereign debt, particularly following the credit rating upgrades achieved in 2025. In parallel, the risk premium has declined to below 40 basis points, reaching levels unseen since before the global financial crisis.

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Historic demand recorded for new ten-year treasury bond issuance worth €15 billion

The issuance drew a highly diversified investor base, with participation from 441 investor accounts across a wide range of geographic regions and institutional profiles. International investors accounted for approximately 90% of total allocation, with strong representation from European countries, as well as from North America, Asia and the Middle East.

From a qualitative perspective, the transaction recorded a record share of top-tier investors for a ten-year bond. Central banks and official institutions received a significant portion of the allocation, alongside asset managers, bank treasuries, insurance companies and pension funds, reinforcing the long-term and stable nature of the demand.

The new bond, maturing on 30 April 2036, carries a 3.30% coupon and was priced at a 3.323% yield, slightly above the current benchmark ten-year reference with a shorter maturity.

Following this transaction, total medium- and long-term issuance approaches €30 billion, representing substantial progress in the execution of the Treasury’s funding programme. The average maturity of outstanding government debt stands at 7.83 years, while the average cost of the portfolio remains contained, reflecting prudent and efficient debt management.