By Marta Vilar – MADRID (Econostream) – Spain does not currently need to carry out a fourth syndicated bond sale in 2026, given the progress made in its funding program, though it remains ready to do so should market conditions prove attractive, according to Mercedes Abascal, Deputy Director General of Public Debt Management at the Spanish Treasury.

In an interview with Econostream on 25 June 2026 (transcript here), Abascal said Spain had already completed 63.5% of its medium- and long-term funding program, in line with its strategy of front-loading issuance during the first half of the year.

“As things stand, we do not need a fourth syndication,” she said. However, she added that the Treasury remained “prepared to carry one out if an attractive opportunity arises,” noting that such an operation would likely be smaller than the standard size of a benchmark syndication.

If Spain were to proceed with another syndicated transaction this year, Abascal said it could take the form of either a green bond or an inflation-linked bond, as in previous years.

Regarding green issuance, she noted that the outstanding amount of Spain’s existing green bond already exceeded €18 billion and enjoyed ample liquidity. As a result, she said it would be appropriate to launch a new benchmark under an updated framework reflecting developments in the EU taxonomy and providing greater transparency on eligible expenditures.

Once that framework is updated, “a new green bond could be an option, although nothing has been ruled out,” she said.

She indicated that any additional syndication would likely be in the €3 billion to €5 billion range. If structured as a green bond, it would probably be a long-dated issue with a maturity of around 20 years, she said.

Looking ahead to 2027, Abascal said Spain’s issuance strategy would remain broadly consistent with previous years, although it was still “too early to provide details.”

She said that, following the Treasury’s regular issuance of two new 10-year benchmarks, the third syndicated transaction next year would likely be a new 15-year bond, in keeping with Spain’s practice of alternating between 30-year and 15-year benchmarks.

On the impact of recent domestic political developments on Spain’s sovereign debt market, Abascal said investors continued to focus primarily on macroeconomic performance, fiscal developments and the sustainability of the public finances.

“We are not seeing investors focus on domestic political developments as a key factor in their investment decisions,” she said.