Key data
| Regulation | Resolution of November 3, 2026, from the Bank of Spain — publication of the RODE rate (internal yield secondary market public debt 2-6 years) |
|---|---|
| Publication | November 4, 2026 |
| Entry into force | November 4, 2026 |
| Published rate | 3.106% (data corresponding to October 2026) |
| Index | RODE — Internal Yield Secondary Market Public Debt 2-6 years |
| Calculated by | Sociedad de Bolsas SA, published by BME Renta Variable |
| Regulatory framework | Order EHA/2899/2011, of October 28, on transparency and protection of banking services customers |
| Category | Tax Updates |
| Year | 2026 |
The internal yield rate in the secondary market for public debt with a maturity between two and six years—known as RODE—stands at 3.106% for October 2026, according to the Resolution of November 3, 2026 from the Bank of Spain. This data, published on November 4, 2026 in the BOE, has direct relevance for any loan contract or financial product that takes as reference one of the official interest rates recognized by Spanish regulations.
The publication is based on the Order EHA/2899/2011, of October 28, on transparency and protection of banking services customers, which establishes the catalog of official reference interest rates in Spain. RODE is part of that catalog.
What does this regulation establish?
The Bank of Spain publishes the RODE monthly as part of its transparency obligations. This index reflects the yield offered by Spanish public debt in the secondary market for maturities between two and six years.
The key data points of the index are as follows:
| Parameter | Detail |
|---|---|
| Index name | RODE (Internal Yield Secondary Market Public Debt 2-6 years) |
| Published value | 3.106% |
| Reference period | October 2026 |
| Calculating body | Sociedad de Bolsas SA |
| Publishing body | BME Renta Variable |
| Enabling legal framework | Order EHA/2899/2011, of October 28 |
| Publication frequency | Monthly |
| Intended use | Reference index in loan contracts and financial products linked to official rates |
RODE is not the only official rate recognized by Order EHA/2899/2011, but it is one that financial entities can use contractually to review the price of certain credit products. Its evolution reflects the conditions of the Spanish sovereign debt market.
Economic and operational impact
A RODE of 3.106% means that loans or financial products referenced to this index will be reviewed based on that percentage. Depending on the spread agreed in each contract, the final cost for the borrower will vary, but the starting index is fixed at this level for reviews corresponding to the October 2026 period.
From an operational perspective, banking entities must:
- Apply 3.106% as the base in contractual reviews linked to RODE that mature in this period.
- Communicate the new rate to their customers if required by the contract or transparency regulations.
- Record the data in their interest rate risk management systems.
For loan holders referenced to RODE, this level of 3.106% directly determines the installment or financial cost in the next review. It is data worth comparing with the spread agreed in the original contract.
Who does it affect?
- Banking entities: must apply the new rate in reviews of credit products referenced to RODE and update their interest rate management systems.
- Loan holders referenced to official rates: if their loan contract uses RODE as the reference index, the next review will be based on 3.106%.
- Financial departments and CFOs: in companies with bank financing referenced to official rates, this data affects the forecast of financial costs.
- Financial advisors and debt consultants: must incorporate this data in analyses of financing costs and in comparisons of available official indices.
- Financial markets: RODE serves as a reference for assessing the evolution of Spanish sovereign debt in the medium term (2-6 years).
Practical example
Suppose a company has a variable rate loan referenced to RODE plus a spread of 1.5%. With the new published data:
- RODE index October 2026: 3.106%
- Agreed spread: 1.5%
- Resulting interest rate in the next review: 4.606%
If the loan has an outstanding balance of €500,000, the estimated annual financial cost would be approximately €23,030 (€500,000 × 4.606%). This calculation is indicative and depends on the specific conditions of each contract, but it illustrates how the RODE value directly impacts the company's financial bill.
For a banking entity, this data also determines the price at which it must review the credit portfolio products linked to this official index, which affects both its intermediation margin and communication with its customers.
What should companies do now?
- Review financing contracts: identify if any of your loans or financial products are referenced to RODE. Check the interest rate clause and the agreed reference index.
- Calculate the impact on the next review: apply 3.106% plus the contractual spread to estimate the new rate and resulting financial cost. Update treasury forecasts.
- Compare with other official indices: if your contract allows changing the reference index, analyze whether RODE remains the most advantageous option compared to other official rates recognized by Order EHA/2899/2011.
- Communicate to customers (if you are a financial entity): notify the new rate to holders of products referenced to RODE as required by the contract and banking transparency regulations.
- Update interest rate risk models: incorporate the 3.106% data in internal financial risk management models and in portfolio monitoring reports.
Frequently asked questions
What is RODE and what is it used for in loans?
RODE (Internal Yield in the Secondary Market of Public Debt with a maturity between two and six years) is one of the official interest rates recognized by Order EHA/2899/2011. It is used as a reference index in loan contracts and financial products that link their interest rate to an official index. For October 2026, the Bank of Spain has set it at 3.106%.
Who calculates and publishes RODE each month?
RODE is calculated by Sociedad de Bolsas SA and published by BME Renta Variable. The Bank of Spain collects it and publishes it monthly through resolution in the BOE, as it did with the October 2026 data (3.106%) on November 4, 2026.
How does the 3.106% RODE affect my business loan?
If your loan is referenced to RODE, the next review will be based on 3.106%. To that percentage you must add the spread agreed in your contract to obtain the applicable interest rate. For example, with a spread of 1.5%, the resulting rate would be 4.606%, which on a balance of €500,000 represents an estimated annual financial cost of €23,030.
How frequently is the RODE rate updated?
The Bank of Spain publishes RODE with monthly frequency. Each month the data corresponding to the previous month is published. The resolution of November 4, 2026 includes the October 2026 data, set at 3.106%.
Where can I consult the historical RODE rates published by the Bank of Spain?
RODE rates are published monthly in the Official State Gazette (BOE) through resolution of the Bank of Spain. You can also consult the historical official interest rates directly on the Bank of Spain website, in the interest rates statistics section.
Official source
Consult complete regulation in official source
Notice: This article is purely informational in nature 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-2026-23167
