Key data
| Regulation | Resolution of June 2, 2026, from the Bank of Spain |
|---|---|
| Publication | June 3, 2026 |
| Effective date | June 3, 2026 |
| Index published | RODE — Internal yield in secondary public debt market, 2-6 year maturity |
| May 2026 value | 2.806% |
| Calculated by | Sociedad de Bolsas, published by BME Renta Variable |
| Regulatory framework | Order EHA/2899/2011, of October 28; Bank of Spain Circular 5/2012 (annex 8) |
| Affected parties | Financial institutions and holders of loans and banking products referenced to RODE |
| Category | Tax News |
| Year | 2026 |
If you have a loan or banking product referenced to the RODE index, the applicable rate for May 2026 is 2.806%. This data, published by the Bank of Spain through Resolution of June 2, 2026, is what both financial institutions and their clients must use to settle interest on contracts that take this index as a reference.
The RODE (Internal yield in the secondary market for public debt with maturity between two and six years) is one of the official interest rates recognized by the Order EHA/2899/2011, of October 28, on transparency and protection of banking services customers. Its methodology is set out in annex 8 of Bank of Spain Circular 5/2012.
What does this regulation establish?
The Bank of Spain publishes monthly the internal yield rate in the secondary market for public debt with maturity between two and six years. This publication does not introduce new regulatory changes: its function is to update the value of the index so it can be used as a reference in financial contracts during the corresponding period.
The key technical and operational aspects of this index are as follows:
| Element | Detail |
|---|---|
| Index name | RODE — Internal yield in secondary public debt market (2-6 year maturity) |
| Published value (May 2026) | 2.806% |
| Organization that calculates it | Sociedad de Bolsas |
| Organization that publishes it | BME Renta Variable |
| Organization that officially disseminates it | Bank of Spain (BOE) |
| Legal basis as official index | Order EHA/2899/2011, of October 28 |
| Calculation methodology | Annex 8, Bank of Spain Circular 5/2012 |
| Publication frequency | Monthly |
The RODE reflects the yield that investors demand from Spanish public debt with maturities between two and six years in the secondary market. As an official index, financial institutions can incorporate it as a reference rate in their loan contracts, with full legal validity against the customer.
Economic and operational impact
The value of 2.806% for May 2026 has direct consequences on contracts that use it as a reference index. Unlike Euribor, RODE is a less widespread index in the retail mortgage market, but it can be present in certain business loans, investment products, and structured financial contracts.
From an operational perspective, financial institutions must:
- Incorporate the 2.806% data in interest calculation systems for May 2026 settlements.
- Communicate to affected customers the applicable rate if required by the contract.
- Verify that contracts referenced to RODE correctly record the official source (Bank of Spain / BOE) to avoid disputes over the applicable rate.
For product holders referenced to this index, 2.806% represents the reference financial cost for the period. If the contract establishes a spread over RODE (for example, RODE + 1%), the total resulting rate for May 2026 would be 3.806%.
Who does it affect?
- Financial institutions that have issued loans or banking products referenced to the RODE index.
- Companies and self-employed individuals with business loans whose interest rate is linked to the yield of public debt at 2-6 years.
- Holders of investment or savings products whose profitability is calculated with reference to RODE.
- Financial and CFO departments that manage financing contracts with official reference indices other than Euribor.
- Financial and legal advisors who review banking contracts and must verify the official applicable rate in each period.
Practical example
A company has a working capital loan of €500,000 referenced to RODE plus a spread of 1.5%. To calculate the interest for the May 2026 period:
| Concept | Value |
|---|---|
| RODE index May 2026 | 2.806% |
| Spread agreed in contract | 1.500% |
| Total applicable rate | 4.306% |
| Loan capital | €500,000 |
| Resulting annual interest | €21,530 |
| Approximate monthly interest | €1,794 |
This calculation illustrates how the RODE rate published by the Bank of Spain translates directly into the company's monthly financial cost. Any variation in the index in future publications will modify the amount to be paid if the loan has periodic review.
What should companies do now?
- Review current financing contracts to identify if any are referenced to the RODE index (public debt yield at 2-6 years).
- Update interest calculation systems with the 2.806% value corresponding to May 2026 for the period's settlements.
- Verify the agreed spread in each contract and calculate the total resulting rate (RODE + spread) to anticipate the financial cost.
- Check communication obligations to the customer: some contracts require notifying the applicable rate before each settlement.
- Archive the Bank of Spain Resolution of June 2, 2026 as documentary support for the rate used in settlements, in case of audit or claim.
Frequently asked questions
What is the RODE index and what is it used for?
RODE is the internal yield in the secondary market for Spanish public debt with maturity between two and six years. It is one of the official interest rates recognized by Order EHA/2899/2011, and can be used as a reference index in loan contracts and banking products. It is calculated by Sociedad de Bolsas and published by BME Renta Variable, with the Bank of Spain officially disseminating it in the BOE each month.
What is the RODE rate for May 2026?
The RODE rate for May 2026 is 2.806%, published through Bank of Spain Resolution of June 2, 2026 in the BOE. This is the official value that financial institutions and their clients must use to calculate interest on products referenced to this index during that period.
Where is the RODE calculation methodology regulated?
The definition and calculation methodology of RODE are set out in annex 8 of Bank of Spain Circular 5/2012. Its recognition as an official reference interest rate is established in Order EHA/2899/2011, of October 28, on transparency and protection of banking services customers.
How frequently does the Bank of Spain publish the RODE rate?
The Bank of Spain publishes the RODE rate with monthly frequency. Each month a Resolution is issued in the BOE with the updated value of the index, which financial institutions must use for interest settlements of the corresponding period.
How do I calculate the total interest rate if my loan is referenced to RODE?
The total rate is the sum of the published RODE plus the spread agreed in your contract. For example, if your contract establishes RODE + 1.5%, the applicable rate for May 2026 would be: 2.806% + 1.5% = 4.306%. On a €500,000 loan, that equals approximately €21,530 in annual interest or €1,794 monthly.
Official source
View 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-2026-11938