Government bond auction · Spain
Spain 9-Month Letras Auction
The Spain 9-Month Letras Auction is a sale of new government debt by Spain's treasury or debt agency to investors.
- Importance
- Low
- Released
- Monthly
- Next release
- Currency
- EUR · euro
- Central bank
- The European Central Bank (with the Banco de España)
Latest figures
The latest release, published on 13 October 2026, came in at 2.960%, up from 2.776% the time before.
Over the last 12 releases it ranged from 1.965% to 2.960%, averaging 2.383%; it has been rising for three releases in a row.
| Released | For | Actual | Consensus | Previous |
|---|---|---|---|---|
| 13 Oct 2026 | – | 2.960% | – | 2.776% |
| 8 Sep 2026 | – | 2.776% | – | 2.605% |
| 11 Aug 2026 | – | 2.605% | – | 2.623% |
| 14 Jul 2026 | – | 2.623% | – | 2.518% |
| 9 Jun 2026 | – | 2.518% | – | 2.514% |
| 12 May 2026 | – | 2.514% | – | 2.461% |
| 14 Apr 2026 | – | 2.461% | – | 2.164% |
| 10 Mar 2026 | – | 2.164% | – | 2.015% |
| 10 Feb 2026 | – | 2.015% | – | 1.998% |
| 20 Jan 2026 | – | 1.998% | – | 1.999% |
| 9 Dec 2025 | – | 1.999% | – | 1.965% |
| 11 Nov 2025 | – | 1.965% | – | 1.960% |
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 9-Month Letras Auction?
The Spain 9-Month Letras Auction is a sale of new government debt by Spain's treasury or debt agency to investors.
What was the latest Spain 9-Month Letras Auction?
2.960%, published on 13 October 2026.
When is the next Spain 9-Month Letras Auction?
On Tuesday 10 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.