Key data
| Regulation | Resolution of July 2, 2026, from the Bank of Spain — internal yield rate in the secondary market of public debt with a term between two and six years |
|---|---|
| Publication | July 3, 2026 |
| Effective date | July 3, 2026 |
| Published rate | 2.823% (June 2026) |
| Reference index | RODE «Public Debt from two to six years (S)» |
| Prepared by | Sociedad de Bolsas, published by BME Renta Variable |
| Legal framework | Order EHA/2899/2011, of October 28, on transparency and protection of banking services clients |
| Affected parties | Holders of loans or mortgages referenced to the 2-6 year public debt rate |
| Category | Real Estate |
| Year | 2026 |
Holders of mortgages or loans referenced to the RODE index «Public Debt from two to six years (S)» should know that the official rate for June 2026 is 2.823%. This data, published by the Bank of Spain through Resolution of July 2, 2026, is what financial institutions must use in periodic reviews of products linked to this indicator.
The publication is supported by the Order EHA/2899/2011, of October 28, on transparency and protection of banking services clients, which recognizes this index as one of the official interest rates in Spain. The calculation is performed by Sociedad de Bolsas and published by BME Renta Variable under the technical name RODE.
What does this regulation establish?
The Bank of Spain publishes monthly the internal yield rate in the secondary market of Spanish public debt with a term between two and six years. This index is one of the official interest rates recognized by Spanish banking transparency regulations and may appear in loan contracts as an index for periodic review of the interest rate.
The technical details of this index are as follows:
| Element | Detail |
|---|---|
| Technical name | RODE «Public Debt from two to six years (S)» |
| Organization that calculates it | Sociedad de Bolsas |
| Organization that publishes it | BME Renta Variable |
| Publication frequency | Monthly (published by the Bank of Spain in the BOE) |
| June 2026 value | 2.823% |
| Enabling regulation | Order EHA/2899/2011, of October 28 |
| Usual use | Minority compared to Euribor; applicable to contracts that have it expressly agreed |
Unlike Euribor, which is the majority reference index for variable mortgages in Spain, the 2-6 year public debt index has very limited use. However, contracts that do include it are obliged to apply the official value published in each review.
Economic and operational impact
The value of 2.823% for June 2026 is the data that directly determines the financial cost of loans referenced to this index in their next review. The higher the index compared to the value agreed in the contract, the higher the resulting payment after the review.
For financial institutions, the operational obligation is clear: they must incorporate this rate in the periodic review calculations of all products referenced to RODE «Public Debt from two to six years (S)». Failing to apply it correctly may result in contractual and banking transparency breaches.
For loan holders, the impact depends on whether their contract references this index and when the review occurs. If the review is annual and falls in July 2026, the applicable rate will be 2.823% plus the spread agreed in the deed.
Who does it affect?
- Holders of variable rate mortgages referenced to the RODE index «Public Debt from two to six years (S)» — must verify if their deed mentions this index as a review reference.
- Holders of personal or business loans that have this official index agreed as a reference for updating the interest rate.
- Financial institutions and banks that market or manage products referenced to this index — have the obligation to apply the published rate in each periodic review.
- Financial advisors, wealth managers and CFOs who oversee debt portfolios or financing contracts with this reference.
- Compliance departments of credit institutions, which must verify the correct application of the official published index.
Practical example
Suppose a company has a mortgage loan on an industrial property formalized several years ago, with a variable rate referenced to the RODE index «Public Debt from two to six years (S)» plus a spread of 1.50%. The annual review of the rate occurs in July 2026.
In that case, the interest rate applicable after the review would be:
| Component | Value |
|---|---|
| Official index (June 2026) | 2.823% |
| Spread agreed in contract | 1.50% |
| Resulting applicable rate | 4.323% |
This rate of 4.323% would be the one applied to the outstanding capital to calculate the new monthly payment until the next review. The key data that the financial institution must use is, mandatorily, the 2.823% published by the Bank of Spain for June 2026.
What should companies do now?
- Review the deeds of current loans and mortgages to identify if any contract references the RODE index «Public Debt from two to six years (S)» as a review rate.
- Verify the date of the next review of each affected contract. If it falls in July 2026 or in the coming months, the rate to apply is the 2.823% published for June 2026.
- Calculate the impact on the payment by adding the contractual spread to 2.823% and comparing with the previous rate to anticipate the change in financial cost.
- Financial institutions must update their systems for loan management with the new official rate to ensure correct application in all periodic reviews.
- Document the application of the index in each review to comply with the transparency obligations established in Order EHA/2899/2011.
Frequently asked questions
What is the official interest rate of public debt for 2-6 years in June 2026?
The Bank of Spain has published 2.823% as the internal yield rate in the secondary market of public debt with a term between two and six years corresponding to June 2026. This data is published through Resolution of July 2, 2026 in the BOE.
How do I know if my mortgage or loan is referenced to this index?
You must review the deed of your loan or mortgage. If in the variable interest rate clause the expression «internal yield rate in the secondary market of public debt with a term between two and six years», the RODE index or a reference to Order EHA/2899/2011 with this index appears, your contract is affected. If in doubt, consult directly with your financial institution.
Who calculates and publishes the RODE index of public debt 2-6 years?
The RODE index «Public Debt from two to six years (S)» is prepared by Sociedad de Bolsas and published by BME Renta Variable. The Bank of Spain collects it monthly and publishes it in the BOE as an official interest rate, as established by Order EHA/2899/2011 on banking transparency.
When does the 2.823% rate come into effect and to which reviews does it apply?
The rate of 2.823% comes into effect on July 3, 2026, the date of publication in the BOE. It applies to periodic reviews of loans and mortgages referenced to this index whose review date corresponds to the period in which this is the official rate in force. Usually, annual reviews that occur from July 2026 onwards will use this value.
Is it mandatory for banks to apply exactly this rate in reviews?
Yes. Financial institutions that manage products referenced to the RODE index «Public Debt from two to six years (S)» are obliged to apply the official rate published by the Bank of Spain in each periodic review. Failing to do so constitutes a breach of the transparency obligations established in Order EHA/2899/2011 and of the contractual conditions agreed with the client.
Official source
Consult complete regulation in official source
Notice: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://www.boe.es/diario_boe/txt.php?id=BOE-A-2026-14497