Intesa Sanpaolo Enters as Spanish Public Debt Market Maker in 2026

Key data

The General Directorate of the Treasury and Financial Policy has modified the official list of Market Makers for Spanish Public Debt to include Intesa Sanpaolo SpA, through a resolution dated April 27, 2026 (BOE-A-2026-9352). This incorporation is not a minor change: Market Makers are the core of the Spanish State's financing system, and each new incorporation alters the balance of competition and liquidity in sovereign debt auctions.

For financial entities already operating in this segment, the arrival of Intesa Sanpaolo SpA represents a new competitor with equivalent obligations and privileges. For the Treasury, it is a structural improvement in market depth.

What does this regulation establish?

The resolution modifies the official list of Market Makers for Public Debt of the Kingdom of Spain to include Intesa Sanpaolo SpA. This list is the formal registry of financial entities that have an active and regulated role in financing the Spanish State.

Market Makers operate under a specific scheme of rights and obligations:

• Obligations: They must maintain special liquidity and continuous quotation commitments in the Spanish public debt market. This means they are obligated to offer buying and selling prices for Spanish sovereign debt on a regular basis, contributing to market fluidity.
• Privileges: In return, they obtain preferential access to Treasury auctions, allowing them to acquire public debt under advantageous conditions compared to other market operators.

The modification of this list is the exclusive responsibility of the General Directorate of the Treasury and Financial Policy, which manages the State's financing strategy and decides which entities meet the requirements to be part of this select group.

Economic and operational impact

The incorporation of Intesa Sanpaolo SpA has direct consequences on the functioning of the Spanish public debt market and on entities already operating in it:

• Greater competition in auctions: With more Market Makers, the Treasury has more entities obligated to actively participate in bond and bill auctions. This can translate into better financing conditions for the Spanish State.
• Greater liquidity in the secondary market: More entities with quotation obligations implies greater depth and liquidity in the secondary market for Spanish sovereign debt, benefiting all institutional investors operating with these assets.
• Competitive pressure for existing Market Makers: Entities already on the list face a new competitor with significant financial capacity. Intesa Sanpaolo SpA is one of the leading banking groups in the eurozone, giving it a relevant position from day one.
• Impact on sovereign debt management: A larger base of Market Makers reduces the Treasury's dependence on a small number of entities, improving the resilience of the State's financing system.

Who does it affect?

• Existing Market Maker financial entities: Must consider the arrival of a new competitor with equivalent obligations and privileges in Treasury auctions.
• Intesa Sanpaolo SpA: Assumes from April 27, 2026 the liquidity and quotation obligations of Market Makers for Spanish Public Debt.
• Institutional investors in Spanish sovereign debt: Benefit from greater liquidity in the secondary market for State bonds and bills.
• General Directorate of the Treasury and Financial Policy: Manages a broader base of Market Makers, with greater competition in its auctions.
• Operators and treasury desks: Must update their counterparties and operational flows to include Intesa Sanpaolo SpA in their map of active Market Makers.

Practical example

A treasury desk of a medium-sized Spanish bank that regularly operates in the secondary market for Spanish public debt has until now a map of Market Makers with which it can negotiate directly under guaranteed liquidity conditions.

From April 27, 2026, Intesa Sanpaolo SpA joins that map as an official Market Maker. This means that this Italian entity is now obligated to offer buying and selling prices for Spanish sovereign debt on a continuous basis, becoming an additional counterparty for any operator needing liquidity in Spanish Treasury bonds or bills.

For the treasury desk manager, the practical effect is having one more option to execute operations, potentially with better prices thanks to greater competition among Market Makers. For the Treasury, it means that in its next bond auction there will be one more participant with an obligation to submit bids.

What should companies do now?

1. Update the map of active Market Makers: Treasury desks and public debt operators must incorporate Intesa Sanpaolo SpA into their list of official Market Makers from April 27, 2026.
2. Review counterparty agreements: If your entity operates in the Spanish sovereign debt market, verify whether you have or need to establish operational agreements with Intesa Sanpaolo SpA as a new counterparty in this segment.
3. Evaluate competitive impact: Entities that are already Market Makers should analyze how the incorporation of a new competitor of Intesa Sanpaolo's size can affect their positioning in Treasury auctions.
4. Monitor upcoming Treasury auctions: Observe how the incorporation of Intesa Sanpaolo SpA influences the results of upcoming bond and bill auctions, both in terms of prices and awarded volumes.
5. Consult the updated official list: Verify with the General Directorate of the Treasury and Financial Policy the complete and updated list of Market Makers for Spanish Public Debt.