Exclusive: Spanish Treasury Rules Out Further Bond Syndications in 2025

30 September 2025

By Marta Vilar – MADRID (Econostream) – Spain will not proceed with the syndicated bond issuance that had been expected late in 2025, diverging from its standard practice of four such operations a year, according to Mercedes Abascal, Deputy Director General of Public Debt Management at the Spanish Treasury.

In an interview with Econostream on 24 September 2025 (transcript here), Abascal said that with more than 80% of the annual issuance program already completed, the larger amounts placed in earlier syndications had covered funding needs and therefore the Treasury did not expect “to launch any further syndications this year.”

She added that “there was not a clear candidate” for the transaction and that, amid global uncertainty, it had been prudent to secure financing while investor demand was strong.

Looking ahead, Abascal stressed that the Treasury would continue aiming for four syndications annually, albeit with some flexibility.

Asked about the possibility of reopening the existing green bond through a syndication next year, Abascal said that this was unnecessary as liquidity was sufficient.

A new green bond might be on the table from 2027, once the outstanding 2021 issue reaches €20 billion, she said, echoing comments by Spanish Debt Management Director Carla Díaz to Econostream last year.

Regarding the maturity of this new green bond, Abascal said that “the most likely option would be a long-dated bond in the 15- to 20-year range, which is typically the case,” but noted that it would be assessed when the time comes.

For 2026, the Treasury’s issuance strategy would remain “predictable and transparent,” she said, with volumes, bond/bill mix and syndication share broadly unchanged. “In short, no surprises,” she added.

As for the expected syndications in 2026, Abascal said that two of them are usually 10-year benchmarks, while a 30-year bond syndication is also planned specifically for 2026.

No new lines of inflation-linked bonds were under consideration, given that existing issues were sufficient to meet demand and still had room to be tapped at auction, she said.