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BOE-A-2026-830 ·14 January 2026 ·Resolution Low impact
Tax

Public Treasury: publication of the 2026 and January 2027 Treasury Bill auction calendar

The General Directorate of the Treasury and Financial Policy has established the issuance and auction schedule for three, six, nine, and twelve-month Treasury Bills for 2026 and January 2027. The resolution calls for monthly ordinary auctions and maintains the issuance criteria and auction configurations used during 2025. Issuances will take place on a monthly basis, with the exception of eighteen-month Bills, which will not be issued.

In 3 key points

  1. Monthly auctions for three, six, nine, and twelve-month Bills during 2026 (texto fuente)
  2. Six and twelve-month Bill auctions will be held on the Tuesday of their monthly redemption week (texto fuente)
  3. Exclusive second round for Market Makers with allocation at the marginal interest rate (art. 8)

How it affects those involved

For Primary Public Debt Market Members, payment for awarded Bills will be made on the date of issuance and circulation via debit to their Bank of Spain account (Art. 7). For other participants not registered with the Bank of Spain, the payment date will be the last business day prior to circulation, until 14:00 (Art. 7). Market Makers will have an exclusive second round between the auction resolution and 12:00 on the business day prior to circulation (Art. 8).

Lifecycle

2026-01-14PublishedPublished 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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