The 6-Month Letras Auction presents the weighted average yield of Spanish treasury bills with a six-month maturity. This auction is a key component of the Spanish government's short-term financing strategy to manage liquidity. Investors closely monitor the yield levels as they reflect the perceived credit risk of Spain and the broader interest rate environment in the Eurozone. A higher yield than previous auctions suggests increasing borrowing costs for the government.
The yield is determined through a competitive bidding process where financial institutions submit their desired rates and amounts. The Spanish Treasury then calculates the weighted average yield based on the accepted bids up to the target issuance volume.
| Date | Actual | Forecast | Surprise |
|---|---|---|---|
| Sep 1, 2026 | 2.62 | — | — |
| Aug 4, 2026 | 2.50 | — | — |
| Jul 7, 2026 | 2.38 | — | — |
| Jun 2, 2026 | 2.38 | — | — |
| May 5, 2026 | 2.36 | — | — |
| Apr 7, 2026 | 2.36 | — | — |
| Mar 3, 2026 | 2.06 | — | — |
| Feb 3, 2026 | 1.97 | — | — |
| Jan 13, 2026 | 1.98 | — | — |
| Dec 2, 2025 | 1.93 | — | — |
| Nov 4, 2025 | 1.94 | — | — |
| Oct 7, 2025 | 1.94 | — | — |
| Sep 2, 2025 | 1.96 | — | — |
| Aug 5, 2025 | 1.93 | — | — |
| Jul 1, 2025 | 1.87 | — | — |
| Jun 3, 2025 | 1.89 | — | — |
| May 6, 2025 | 1.94 | — | — |
| Apr 8, 2025 | 2.12 | — | — |
| Mar 4, 2025 | 2.25 | — | — |
| Feb 4, 2025 | 2.35 | — | — |
| Jan 7, 2025 | 2.54 | — | — |
| Dec 3, 2024 | 2.55 | — | — |
| Nov 5, 2024 | 2.84 | — | — |
| Oct 1, 2024 | 2.87 | — | — |
| Sep 3, 2024 | 3.24 | — | — |
| Aug 6, 2024 | 3.25 | — | — |
| Jul 2, 2024 | 3.41 | — | — |
| Jun 4, 2024 | 3.37 | — | — |
| May 7, 2024 | 3.54 | — | — |
| Apr 9, 2024 | 3.62 | — | — |
| Mar 5, 2024 | 3.70 | — | — |
| Feb 6, 2024 | 3.65 | — | — |
| Jan 9, 2024 | 3.58 | — | — |
| Dec 5, 2023 | 3.62 | — | — |
| Nov 7, 2023 | 3.71 | — | — |
| Oct 3, 2023 | 3.82 | — | — |
| Sep 5, 2023 | 3.65 | — | — |
| Aug 8, 2023 | 3.64 | — | — |
| Jul 4, 2023 | 3.60 | — | — |
| Jun 6, 2023 | 3.37 | — | — |
| May 9, 2023 | 3.13 | — | — |
| Apr 11, 2023 | 2.99 | — | — |
| Mar 7, 2023 | 3.11 | — | — |
| Feb 7, 2023 | 2.67 | — | — |
| Jan 10, 2023 | 2.58 | — | — |
| Dec 7, 2022 | 2.04 | — | — |
| Nov 8, 2022 | 2.00 | — | — |
| Oct 4, 2022 | 1.55 | — | — |
| Sep 6, 2022 | 0.87 | — | — |
| Aug 9, 2022 | 0.45 | — | — |
