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BOE-A-2026-11165 ·23 May 2026 ·orden Low impact
Administrative

Public Treasury: authorisation of the segregation and reconstitution of State Bonds and Obligations

Order ECM/500/2026 authorises the segregation and reconstitution of two public debt securities: the three-year Bond (2.35% coupon, maturing 31/03/2029) and the ten-year Obligation (3.30% coupon, maturing 30/04/2036). This technical measure allows for the separation of coupons from the principal to facilitate market trading, as both securities have balances exceeding €5 billion to ensure liquidity.

In 3 key points

  1. Authorisation of segregation for the three-year Bond (2.35% coupon, maturing 31/03/2029) (Orden ECM/500/2026)
  2. Authorisation of segregation for the ten-year Obligation (3.30% coupon, maturing 30/04/2036) (Orden ECM/500/2026)
  3. Entry into force on the day following its publication in the BOE (Orden ECM/500/2026)

How it affects those involved

For investors and the financial system, the measure facilitates the operation and liquidity of these securities by allowing coupons to be traded separately. The Treasury ensures the technical operability of securities issued in January 2026 that have already made their first coupon payment.

Lifecycle

2026-05-23PublishedPublished in the BOE
Official text Based on BOE data (boe.es). Information, not advice.

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This analysis is informational only and does not constitute legal advice or create a client-adviser relationship. BM Consulting.
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