Fixed Income · 2026 Spanish Government Issuance
中文标题
固定收益 · 2026 西班牙政府债券发行
Core conclusion · Tlines extraction
Intesa Sanpaolo forecasts Spanish government gross issuance of EUR 285bn in 2026 (2025F: EUR 276bn), with redemptions of EUR 230bn (2025: EUR 215bn) and net issuance of EUR 54bn (2025F: EUR 61bn). Letras gross issuance rises to EUR 116bn and Bonos & Obligaciones falls to EUR 160bn; net Letras issuance is EUR 7bn and net Bonos & Obligaciones EUR 39bn. Green Bonos issuance is forecast at EUR 8bn. Quarterly net issuance is concentrated in 1Q–3Q, turning negative in 4Q, per Intesa Sanpaolo, Tesoro Público and Bloomberg data.
- Institution
- Intesa Sanpaolo
- Published
- 09/17/2026
- Research topic
- Not explicitly stated
- Time horizon
- Not explicitly stated
Key arguments
- Spanish gross issuance rises to EUR 285bn in 2026F from EUR 276bn in 2025, with redemptions up to EUR 230bn from EUR 215bn.
- Net issuance declines to EUR 54bn in 2026F from EUR 61bn in 2025 as redemptions rise faster than gross supply.
- Composition shifts away from Bonos & Obligaciones toward Letras: gross Bonos falls to EUR 160bn, gross Letras rises to EUR 116bn.
- Quarterly net issuance is uneven: positive in 1Q–3Q and negative in 4Q, reflecting the redemption schedule.
Key numbers
- 2026F gross issuance
- EUR 285bn
- 2026F redemptions
- EUR 230bn
- 2026F net issuance
- EUR 54bn
- 2026F net Bonos & Oblig issuance
- EUR 39bn
- 2026F net Letras issuance
- EUR 7bn
Main risks
- The forecast is Intesa Sanpaolo's and is not an official Spanish Treasury target; actual issuance may differ.
- All data are on a settlement date basis, so timing shifts can move quarterly issuance between periods.
- The document states no representation or warranty as to the accuracy or correctness of the information and opinions.
Corresponding source evidence
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AI analysis
How this page was produced
Tlines extracted the conclusion, arguments, numbers and risks above from the report published by Intesa Sanpaolo on 09/17/2026, then structured them for comparison. The publisher's own wording is reachable through the source link on this page and is displayed in full above. Last updated 10/17/2026. Methodology · Source policy · AI usage · Request a correction