The Obligacion Auction represents the primary issuance of long-term Spanish government bonds, typically with maturities of 10, 15, or 30 years. These auctions are critical for financing the national debt and serve as a benchmark for long-term interest rates in Spain. Investors closely monitor the average yield and the 'bid-to-cover' ratio to assess market demand and the perceived creditworthiness of the sovereign issuer.
The Spanish Treasury (Tesoro Público) conducts a competitive bidding process where institutional investors submit bids for volume and price; the Treasury then determines the cut-off yield based on funding needs.
| Date | Actual | Forecast | Surprise |
|---|---|---|---|
| Jan 15, 2026 | 4.02 | — | — |
| Jan 8, 2026 | 3.81 | — | — |
| Dec 4, 2025 | 1.46 | — | — |
| Nov 6, 2025 | 1.39 | — | — |
| Oct 2, 2025 | 2.92 | — | — |
| Sep 4, 2025 | 3.42 | — | — |
| Aug 7, 2025 | 3.76 | — | — |
| Jul 17, 2025 | 3.96 | — | — |
| Jul 3, 2025 | 1.47 | — | — |
| Jun 19, 2025 | 2.90 | — | — |
| Jun 5, 2025 | 2.72 | — | — |
| May 22, 2025 | 2.75 | — | — |
| May 8, 2025 | 0.72 | — | — |
| Apr 10, 2025 | 3.01 | — | — |
| Apr 3, 2025 | 0.70 | — | — |
| Mar 20, 2025 | 3.90 | — | — |
| Mar 6, 2025 | 3.07 | — | — |
| Feb 20, 2025 | 3.06 | — | — |
| Feb 6, 2025 | 2.23 | — | — |
| Jan 16, 2025 | 3.45 | — | — |
| Jan 9, 2025 | 2.90 | — | — |
| Nov 7, 2024 | 1.11 | — | — |
| Oct 3, 2024 | 1.30 | — | — |
| Sep 19, 2024 | 3.53 | — | — |
| Sep 5, 2024 | 0.91 | — | — |
| Aug 1, 2024 | 3.57 | — | — |
| Jul 4, 2024 | 1.21 | — | — |
| Jun 6, 2024 | 1.39 | — | — |
| May 9, 2024 | 1.04 | — | — |
| Apr 4, 2024 | 1.33 | — | — |
| Mar 21, 2024 | 3.65 | — | — |
| Mar 7, 2024 | 1.38 | — | — |
| Jan 4, 2024 | 0.83 | — | — |
| Dec 7, 2023 | 1.20 | — | — |
| Nov 2, 2023 | 1.53 | — | — |
| Sep 21, 2023 | 3.43 | — | — |
| Aug 3, 2023 | 0.88 | — | — |
