Key data
| Regulation | Resolution of September 2, 2026, from the Bank of Spain |
|---|---|
| Publication | September 3, 2026 |
| Entry into force | September 3, 2026 |
| Index published | RODE — Internal Yield in the Secondary Market for Public Debt with maturity between 2 and 6 years |
| August 2026 value | 2.888% |
| Calculated by | Sociedad de Bolsas SA, published by BME Renta Variable |
| Regulatory framework | Order EHA/2899/2011 and Bank of Spain Circular 5/2012 (annex 8) |
| Affected parties | Holders of mortgage loans or banking products referenced to the RODE index |
| Category | Tax News |
| Year | 2026 |
Holders of mortgages or bank loans referenced to the RODE index now have the data they need to calculate their next review: 2.888% for August 2026. The Bank of Spain Resolution of September 2, 2026 publishes this value with effect from the same day of its publication in the BOE.
The RODE is one of the official interest rates recognized by the Order EHA/2899/2011, of October 28, on transparency and customer protection in banking services. Its calculation and methodology are regulated in annex 8 of Bank of Spain Circular 5/2012.
What does this regulation establish?
The Bank of Spain publishes monthly the internal yield in the secondary market for public debt with maturity between two and six years, known as RODE. This index reflects the average return of Spanish public debt securities traded in the secondary market with maturities between 2 and 6 years.
The monthly publication of this value is an obligation of the Bank of Spain derived from Order EHA/2899/2011, which establishes the catalog of official reference interest rates for banking products in Spain. The RODE is one of these official indices and can be used contractually as a reference in:
- Variable rate mortgage loans
- Other banking financing products referenced to official indices
The calculation is performed by Sociedad de Bolsas SA and published by BME Renta Variable. The exact methodology is contained in annex 8 of Bank of Spain Circular 5/2012.
| Element | Detail |
|---|---|
| Index name | RODE (Internal Yield Secondary Market Public Debt 2-6 years) |
| August 2026 value | 2.888% |
| Reference maturity | Between 2 and 6 years |
| Calculating entity | Sociedad de Bolsas SA |
| Publishing entity | BME Renta Variable |
| Publication frequency | Monthly |
| Enabling regulation | Order EHA/2899/2011 |
| Methodology | Bank of Spain Circular 5/2012, annex 8 |
Economic and operational impact
The RODE is not a widely used index like Euribor, but it has direct relevance for those who have mortgage or financing contracts that include it as a reference. Its economic impact depends on two factors: the loan balance and the spread agreed in the contract.
With a value of 2.888%, the RODE for August 2026 places the base rate at a moderate level. Banking entities that have contracts referenced to this index must apply this value in the next periodic reviews, adding the contractual spread to obtain the interest rate applicable to the customer.
From an operational perspective, financial entities must:
- Identify active contracts referenced to the RODE
- Apply the value 2.888% in the next interest rate review
- Communicate to the customer the new resulting rate (RODE + contractual spread)
Who does it affect?
- Holders of variable rate mortgages referenced to the RODE index (not Euribor)
- Holders of bank loans with a review clause linked to this official index
- Banking entities and savings banks with active contracts that use the RODE as a reference, which must apply the published value in their next settlements
- Financial and mortgage advisors who manage client portfolios with this type of products
- CFOs and financial directors of companies with bank financing referenced to official indices other than Euribor
Practical example
Imagine a holder with a mortgage of €150,000 over 20 years, referenced to RODE plus a spread of 1.50%, with annual review in September.
In the September 2026 review, the entity will take the value published by the Bank of Spain for August 2026: 2.888%. The interest rate applicable during the following year will be:
- RODE August 2026: 2.888%
- Contractual spread: + 1.50%
- Resulting rate: 4.388%
With that rate, the estimated monthly payment for that loan (with 15 years remaining) would be around €1,120/month, depending on the exact outstanding capital and the amortization method. The holder should review their contract to confirm whether the reference index is indeed the RODE and what their agreed spread is.
What should companies do now?
- Review active financing contracts: Check whether any mortgage loan or banking product of your company or your clients is referenced to the RODE index (and not Euribor or another index).
- Locate the next review date: If the contract uses the RODE as a reference, identify when the next interest rate review occurs to anticipate the impact on the payment.
- Calculate the resulting rate: Add the published value (2.888%) to the contractual spread to obtain the applicable rate for the next period.
- Verify the banking entity's communication: Entities are obligated to notify the new resulting rate. Confirm that the value they apply matches the RODE for August 2026 published by the Bank of Spain.
- Consult the BOE or official source if you need to verify the exact value of the index for any claim or negotiation with the financial entity.
Frequently asked questions
What is the RODE and which mortgages does it apply to?
The RODE is the Internal Yield in the Secondary Market for Public Debt with maturity between 2 and 6 years. It is one of the official interest rates recognized by Order EHA/2899/2011. It applies to mortgage loans and banking products whose contract expressly establishes it as a reference index. It is not the most common index (that role is held by Euribor), but it remains in effect in certain contracts.
What is the value of the RODE in August 2026?
The Bank of Spain has published the value of the RODE for August 2026 at 2.888%, through Resolution of September 2, 2026, published in the BOE on September 3, 2026.
Who calculates and publishes the RODE each month?
The RODE is calculated by Sociedad de Bolsas SA and published by BME Renta Variable. The Bank of Spain collects it and publishes it officially each month through resolution in the BOE, in accordance with what is established in annex 8 of Bank of Spain Circular 5/2012.
How do I know if my mortgage is referenced to the RODE?
You must review the deed of your mortgage loan, specifically the variable interest rate clause. If the reference index mentioned is the "internal yield in the secondary market of public debt with maturity between two and six years" or simply "RODE", then your review will use the value published by the Bank of Spain, which for August 2026 is 2.888%.
Where can I consult the official source of the RODE for August 2026?
The official source is the Bank of Spain Resolution of September 2, 2026, published in the BOE with reference BOE-A-2026-18581. You can consult it directly at https://www.boe.es/diario_boe/txt.php?id=BOE-A-2026-18581.
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-2026-18581
