Treasury Bills June 2026: rates at 2.239% and 2.518% — key insights for investors

Key data

Short-term Treasury Bills continue to offer positive and competitive yields in June 2026. In the auction held on June 9, 2026 —with effective issue on June 12— the Spanish Treasury placed debt at 3 and 9 months with average rates of 2.239% and 2.518% respectively. The Resolution of June 11, 2026 from the General Directorate of the Treasury and Financial Policy officially publishes these results in the BOE of June 20, 2026.

Total demand was €6,997.51 million across both maturities, against €2,962.13 million allocated, implying a high coverage ratio and reflecting market confidence in Spanish short-term public debt.

What does this regulation establish?

The resolution publishes the official results of the Treasury Bills auctions held on June 9, 2026. Below are all allocation data by maturity:

Key points of the auction mechanics:

• Treasury Bills are short-term public debt instruments issued at a discount: the investor pays less than face value and recovers 100% at maturity.
• The average rate is the annualized yield obtained by those who buy at the auction cutoff price.
• The second round allows certain entities to acquire Treasury Bills at the average auction price after its closure. On this occasion there were no requests in either maturity.
• The coverage ratio at 3 months was approximately 4.02 times (€2,668.95M requested / €663.78M allocated), and at 9 months approximately 1.88 times.

Economic and operational impact

The rates recorded in this auction have direct implications for those managing liquidity or short-term fixed income portfolios:

• State financing cost: The Treasury raises €2,962.13 million at rates below 2.6%, reflecting relatively affordable short-term financing for public coffers.
• Reference for corporate treasury: A rate of 2.239% at 3 months and 2.518% at 9 months is the direct reference for comparison with bank deposits, money market funds or corporate notes.
• Market signal: High demand —especially at 3 months, with 4x coverage ratio— indicates that institutional investors continue to prioritize safe and liquid assets in the short end of the curve.
• No pressure in second rounds: The absence of requests in the second rounds of both maturities suggests that the market was satisfied with the cutoff prices of the main auction.

Who does it affect?

• Individual investors who access the Treasury directly or through their bank to place short-term savings.
• Treasurers and CFOs of companies who manage cash surpluses and compare Treasury Bills yields with other alternatives (deposits, money market funds, repos).
• Financial entities and banks that participate as market makers or on their own account in Treasury auctions.
• Money market and short-term fixed income investment funds that use Treasury Bills as their main portfolio asset.
• Financial advisors and wealth managers who must update their liquidity recommendations with current rates.
• Risk and compliance departments of supervised entities that use Treasury Bills as high-quality credit assets (HQLA) for liquidity ratios.

Practical example

Suppose a mid-sized company has €500,000 in treasury surplus that it will not need over the next 9 months. The CFO considers investing in Treasury Bills at 9 months in the June 12, 2026 auction.

With an average rate of 2.518% annualized and a 9-month maturity (approximately 0.75 years), the estimated gross yield would be:

• €500,000 × 2.518% × (9/12) = approximately €9,443 gross in yield.
• This amount is subject to income tax withholding (19% as a general rule for individuals) or Corporate Income Tax for legal entities.
• Compared to a bank time deposit at a similar maturity, the investor should verify whether the financial entity offers a rate higher than 2.518% net of fees for the alternative to be more profitable.

This example illustrates why the results of each auction are an immediate operational reference for any treasury manager.

What should companies do now?

1. Review treasury policy: Compare the 2.518% rate at 9 months with current returns on your bank deposits and money market funds. If Treasury Bills are more profitable, consider redirecting surpluses.
2. Consult the Treasury auction calendar: Treasury Bills auctions are held periodically. Access the official Treasury calendar to plan upcoming purchases.
3. Verify auction access: Individuals and companies can buy Treasury Bills directly through the Treasury Direct Account (no fees) or through financial entities (with possible custody fees).
4. Update valuation models: If you manage fixed income portfolios or calculate the cost of capital opportunity, update your references with the rates of 2.239% (3 months) and 2.518% (9 months).
5. Consider tax impact: Treasury Bills yields are taxed as capital income. Confirm with your tax advisor the treatment applicable to your specific case (individual, legal entity, investment fund).

Official source

View complete regulation in official source

Disclaimer: This article is for informational purposes only and does not constitute legal or financial advice. For specific decisions, consult a qualified professional. Source: https://www.boe.es/diario_boe/txt.php?id=BOE-A-2026-13455