Government bond auction · Spain
Spain 5-Year Index-Linked Obligacion Auction
The Spain 5-Year Index-Linked Obligacion Auction is a sale of new government debt by Spain's treasury or debt agency to investors.
- Importance
- Low
- Released
- Monthly
- Currency
- EUR · euro
- Central bank
- The European Central Bank (with the Banco de España)
Latest figures
The latest release, published on 4 September 2025, came in at 0.877%, up from 0.810% the time before.
Over the last 4 releases it ranged from 0.700% to 0.877%, averaging 0.777%; it has been rising for three releases in a row.
| Released | For | Actual | Consensus | Previous |
|---|---|---|---|---|
| 4 Sep 2025 | – | 0.877% | – | 0.810% |
| 7 Aug 2025 | – | 0.810% | – | 0.721% |
| 8 May 2025 | – | 0.721% | – | 0.700% |
| 3 Apr 2025 | – | 0.700% | – | 0.908% |
Why it matters
Auctions show the demand for a country's debt. A weak auction (low cover ratio, a yield above where the bond traded before the sale, the "tail") can push yields up across the market; a strong one calms them. In times of fiscal stress auctions get close attention.
How it is calculated
Bidders submit the yield (or price) at which they will buy; the debt office allocates from the lowest yield up until the amount is sold. The release reports the average or highest yield and the bid-to-cover ratio.
Bid-to-cover = amount bid ÷ amount soldWhat changes mean
- Bid-to-cover above its recent average and no tail: solid demand.
- Index-linked and green bonds are smaller auctions with their own investor base.
A short history
Most governments moved from fixed-price syndicates to regular auctions in the 1970s–1990s; the US Treasury has auctioned bills since 1929.
Questions
What is the Spain 5-Year Index-Linked Obligacion Auction?
The Spain 5-Year Index-Linked Obligacion Auction is a sale of new government debt by Spain's treasury or debt agency to investors.
What was the latest Spain 5-Year Index-Linked Obligacion Auction?
0.877%, published on 4 September 2025.
Educational content only, not investment advice. Figures are the published results as recorded by our calendar; market reactions described are typical, not guaranteed.