Key data
| Regulation | Resolution of 19 October 2026, from the General Directorate of the Treasury and Financial Policy |
|---|---|
| Publication | 24 October 2026 |
| Entry into force | 24 October 2026 |
| Affected parties | Holders of 10-year State Obligations indexed to HICP ex-tobacco eurozone, maturity 30 November 2036 |
| Category | Tax News |
| Year | 2026 |
| Bond nominal rate | 1.15% |
| Indexation coefficient | 1.07683 |
| Resulting coupon | 1.2383545% |
| Accrual period | From 30 November 2025 to 30 November 2026 |
| Coupon payment date | 30 November 2026 |
| Reference index | HICP ex-tobacco eurozone |
Holders of 10-year State Obligations indexed to HICP ex-tobacco in the eurozone, maturing on 30 November 2036, now know the exact amount they will receive in the next coupon payment. The General Directorate of the Treasury and Financial Policy has published, through a resolution of 19 October 2026 (BOE of 24 October), the indexation coefficient and the resulting coupon for the current period.
This data is relevant for any portfolio manager, CFO or individual investor with exposure to this instrument: the coupon to be received on 30 November 2026 is not the nominal rate of the contract, but one adjusted for the actual evolution of European inflation.
What does this regulation establish?
State Obligations indexed to inflation are public debt securities whose coupon is not fixed: it is adjusted periodically based on the evolution of the Harmonized Index of Consumer Prices (HICP) in the eurozone, excluding tobacco. This means that the investor receives more interest when inflation rises, and less when it falls, thus protecting the real value of their investment.
The resolution published on 24 October 2026 establishes two specific parameters for the interest period between 30 November 2025 and 30 November 2026:
| Parameter | Value | Description |
|---|---|---|
| Indexation coefficient | 1.07683 | Reflects accumulated European harmonized inflation from the bond's issuance to the current period |
| Bond nominal rate | 1.15% | Interest rate set at the time of the original issuance of the security |
| Resulting coupon | 1.2383545% | Result of applying the indexation coefficient to the nominal rate (1.15% × 1.07683) |
| Payment date | 30 November 2026 | Date on which the coupon is paid to the security holders |
| Bond maturity | 30 November 2036 | Date of final principal repayment |
In practical terms: the indexation coefficient of 1.07683 indicates that European harmonized inflation has raised the bond's reference value by approximately 7.683% since its issuance. This accumulated increase is what is passed on to the coupon that investors receive this year.
Economic and operational impact
The resulting coupon of 1.2383545% exceeds the nominal rate of 1.15% by 0.0883545 percentage points. This represents a relative increase of 7.683% over the base coupon, directly aligned with the indexation coefficient applied.
For investors, this adjustment has two direct consequences:
- Greater cash flow in November 2026 payment: the coupon amount to be received is higher than what would correspond to the nominal rate, partially offsetting the effect of inflation on purchasing power.
- Tax impact: the coupon received is taxed as income from movable capital in the Personal Income Tax (or Corporate Income Tax for legal entities). The amount to be declared is the coupon actually received, that is, the 1.2383545% on the indexed nominal value, not the nominal rate of 1.15%.
From an operational perspective, depositary entities and financial intermediaries must correctly reflect this coupon in the statements and tax certificates they issue to their clients before the end of the 2026 fiscal year.
Who does it affect?
- Institutional investors: investment funds, pension funds, insurance companies and financial entities holding State Obligations indexed to HICP maturing in 2036 in their portfolios.
- Retail investors: individuals who have acquired these securities directly through the Public Treasury or financial intermediaries.
- Portfolio managers and financial advisors: who must update valuations and cash flow projections for their clients with the definitive coupon.
- Tax departments and CFOs: who must correctly account for accrued income and its impact on the taxable base for the 2026 fiscal year.
- Depositary entities and intermediaries: required to reflect the correct coupon in tax certificates and account statements.
Practical example
Suppose an institutional investor holds €1,000,000 in nominal value of State Obligations indexed to HICP maturing in 2036.
The calculation of the coupon to be received on 30 November 2026 would be as follows:
| Concept | Calculation | Result |
|---|---|---|
| Nominal value in portfolio | — | €1,000,000 |
| Bond nominal rate | — | 1.15% |
| Coupon without indexing (base) | €1,000,000 × 1.15% | €11,500 |
| Indexation coefficient | — | 1.07683 |
| Resulting indexed coupon | €1,000,000 × 1.2383545% | €12,383.55 |
| Increase due to inflation | €12,383.55 – €11,500 | +€883.55 |
This investor will receive €883.55 additional compared to what they would have received without the inflation adjustment. This extra amount is precisely the compensation offered by the instrument against the erosion of purchasing power.
What should investors do now?
- Verify the portfolio position: confirm whether State Obligations indexed to HICP maturing 30 November 2036 are held and the exact nominal value of the position.
- Update cash flow projections: incorporate the definitive coupon of 1.2383545% in valuation models and treasury forecasts for November 2026.
- Review the tax impact: the coupon to be declared in the 2026 fiscal year is the one actually received (1.2383545% on the indexed nominal), not the nominal rate of 1.15%. Coordinate with the tax department or tax advisor.
- Check the depositary entity statements: verify that the financial intermediary or custodian bank correctly reflects the coupon amount in tax certificates and account statements.
- Consult the official resolution: for any discrepancy or doubt about the calculation, refer to the resolution published in the BOE as the primary source.
Frequently asked questions
What exactly is the coupon for State bonds indexed to inflation maturing in 2036 for 2026?
The resulting coupon for the period between 30 November 2025 and 30 November 2026 is 1.2383545%. This percentage is applied to the indexed nominal value of the security and is paid on 30 November 2026. The original nominal rate of the bond is 1.15%, but the indexation coefficient of 1.07683 raises it to that 1.2383545%.
How is the indexation coefficient of 1.07683 calculated?
The indexation coefficient reflects the accumulated evolution of the Harmonized Index of Consumer Prices (HICP) in the eurozone excluding tobacco from the bond's issuance to the current interest period. An indexation coefficient of 1.07683 indicates that harmonized inflation has accumulated approximately 7.683% since the reference date of issuance. The General Directorate of the Treasury and Financial Policy publishes this coefficient through a resolution in the BOE for each interest period.
When is the coupon for State Obligations indexed to HICP maturing in 2036 paid?
The coupon corresponding to the period 30 November 2025 – 30 November 2026 is paid on 30 November 2026. Holders of the security on that date will receive the coupon of 1.2383545% on their indexed nominal position.
How is the coupon from bonds indexed to inflation taxed under Personal Income Tax or Corporate Income Tax?
The coupon received is taxed as income from movable capital. The amount to be declared is the coupon actually received, that is, the 1.2383545% applied to the indexed nominal value, not the nominal rate of 1.15%. For individuals, this income is included in the savings tax base of Personal Income Tax. For legal entities, it is recorded as financial income in Corporate Income Tax for the 2026 fiscal year. It is recommended to verify with your tax advisor the specific treatment according to the nature of the investor.
Where can I consult the official Treasury resolution on the coupon for bonds indexed to 2036?
The resolution was published on 24 October 2026 in the Official State Gazette with the reference BOE-A-2026-22291. It is available free of charge on the BOE website. The issuing body is the General Directorate of the Treasury and Financial Policy.
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-2026-22291
