Government bond yield · Spain
Spain 15-Year Obligacion Auction
The Spain 15-Year Obligacion Auction is the yield on Spain's government debt of that maturity: the annual return an investor earns by buying the bond or bill at today's price and holding it to maturity.
- Importance
- Low
- Released
- About every six weeks
- Next release
- Currency
- EUR · euro
- Central bank
- The European Central Bank (with the Banco de España)
Latest figures
The latest release, published on 4 June 2026, came in at 3.813%, down from 3.845% the time before.
Over the last 6 releases it ranged from 3.605% to 3.845%, averaging 3.703%.
| Released | For | Actual | Consensus | Previous |
|---|---|---|---|---|
| 4 Jun 2026 | – | 3.813% | – | 3.845% |
| 16 Apr 2026 | – | 3.845% | – | 3.605% |
| 5 Mar 2026 | – | 3.605% | – | 3.670% |
| 15 Jan 2026 | – | 3.670% | – | 3.616% |
| 6 Nov 2025 | – | 3.616% | – | 3.739% |
| 3 Jul 2025 | – | 3.671% | – | 3.356% |
Why it matters
Government yields are the base of every other interest rate. Short maturities follow the European Central Bank (with the Banco de España)'s policy rate closely; long ones reflect expected growth, inflation and the risk of holding long debt. Higher yields relative to other countries attract capital and support the euro; the gap between long and short yields (the yield curve) is a classic recession signal when it turns negative.
How it is calculated
The yield is the interest rate that makes the present value of the bond's coupons and repayment equal to its price; on a calendar it often reports the average yield at a government auction.
Price = Σ coupon ÷ (1 + y)ᵗ + face ÷ (1 + y)ᵀ
Inflation-linked (TIPS) yield ≈ nominal yield − expected inflationWhat changes mean
- Yields rise when prices of bonds fall: strong data and hawkish central banks push yields up.
- An inverted curve (2-year above 10-year) has preceded most US recessions, with a lag of a year or more.
- Inflation-linked yields show the real (after-inflation) return.
A short history
Government bond markets go back to the Dutch and English debt of the 17th century; the US Treasury yield curve has been watched as a recession signal since research by Campbell Harvey in the 1980s.
Questions
What is the Spain 15-Year Obligacion Auction?
The Spain 15-Year Obligacion Auction is the yield on Spain's government debt of that maturity: the annual return an investor earns by buying the bond or bill at today's price and holding it to maturity.
What was the latest Spain 15-Year Obligacion Auction?
3.813%, published on 4 June 2026.
When is the next Spain 15-Year Obligacion Auction?
On Thursday 5 November 2026 at 09:40 UTC.
Educational content only, not investment advice. Figures are the published results as recorded by our calendar; market reactions described are typical, not guaranteed.