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BOE-A-2026-3801 ·18 February 2026 ·orden Low impact
Administrative

Public Treasury: authorisation for the segregation and reconstitution of government bonds and notes

Order ECM/102/2026 authorises the segregation and reconstitution of two public debt securities: the 7-year bond (3.00% coupon, maturing 31/01/2033) and the 15-year note (3.50% coupon, maturing 31/01/2041). This technical measure allows for the separation of coupons from the principal for trading purposes, based on the fact that both securities have a balance equal to or exceeding 5 billion euros, thereby ensuring liquidity.

In 3 key points

  1. Segregation authorised for the 7-year bond (3.00% coupon) and the 15-year note (3.50% coupon) (Orden ECM/102/2026)
  2. The securities have a balance equal to or exceeding 5 billion euros to guarantee liquidity (Orden ECM/102/2026)
  3. Entry into force on the day following its publication in the BOE (Orden ECM/102/2026)

How it affects those involved

For financial system agents and public debt holders, the measure facilitates the trading of coupons separately from the principal, increasing operational flexibility in the secondary market. The authorisation is justified by the technical necessity to allow segregation following the payment of the first coupons on 31 January 2026.

Lifecycle

2026-02-18PublishedPublished 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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