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BOE-A-2026-18896 ·9 September 2026 ·orden Medium impact
Tax

The Treasury issues twenty-year Government Bonds through a syndication procedure

Order ECM/941/2026 authorises the issuance of Government Bonds with a twenty-year maturity using the syndication procedure (art. 5.1.c of Order ECM/2/2026). This measure is based on the automatic extension of the 2023 General State Budgets for the 2026 financial year (art. 134.4 CE and art. 38 of Law 47/2003). The issuance will be carried out through the transfer of part or all of the debt to several financial institutions at an agreed price.

In 3 key points

  1. Subscription shall be made in nominal amounts in whole multiples of 1,000 euros (art. 4). (art. 4)
  2. The issued Bonds are classified as segregable bonds (art. 3.d). (art. 3.d)
  3. The issuance is carried out through the syndication procedure with financial institutions (art. 5.1.c of Order ECM/2/2026). (art. 5.1.c)

How it affects those involved

Financial institutions are enabled to participate in the subscription of debt via the syndication procedure, with subscriptions in multiples of 1,000 euros (art. 4). The Treasury maintains the capacity to conduct price stabilisation operations, although these will not be carried out on behalf of the Treasury (art. 5). The issuance will be classified as segregable bonds, allowing for principal and coupon segregation operations subject to prior authorisation (art. 3.d).

Lifecycle

2026-09-09PublishedPublished in the BOE
Official text Based on BOE data (boe.es). Information, not advice.

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