Spain Government Bonds - Yields Curve

COUNTRY • SUMMARY
SPAIN

The Spain 10-Year Government Bond currently offers a yield of 2.768%. This yield reflects the return investors can expect if they hold the bond until maturity. Government bond yields are critical indicators of economic confidence and investor sentiment.

The yield spread between Spain 10-Year and 2-Year government bonds is 58.6 basis points (bp), reflecting the difference in yields between long-term and short-term debt.
Typically, long-term bonds carry higher yields than short-term ones.
Current observation: Normal Convexity in Long-Term vs Short-Term Maturities.

Spain Central Bank Rate stands at 3.40%, following the most recent adjustment in October 2024.

According to Standard & Poor's agency, the Spain credit rating is A-.

The current quotation for Spain 5-Years Credit Default Swap is 31.30 basis points. Correspondingly, the implied probability of default is 0.52%.

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Spain Yield Curve

A Yield Curve is a graph that shows the relationship between interest rates (or yields) and different maturities of debt for a specific borrower, often government bonds. It typically plots yields on the y-axis and maturities on the x-axis, ranging from short-term to long-term bonds.

The shape of the yield curve gives investors insights into market expectations for interest rates, economic growth, and inflation. A normal yield curve, where long-term rates are higher than short-term, suggests economic growth, while an inverted curve, where short-term rates are higher, can indicate an upcoming recession.

Spain Yield Curve
Spain Government Bonds
3 December 2024

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Residual
Maturity
Annualized Yield Constant Maturity Zero Coupon Price Capital
Growth
of 1 Unit
Last
Update
Last Chg 1M Chg 6M Chg 12M Last Chg 1M Chg 6M Chg 12M
1 month 2.753% -30.2 bp -98.8 bp -37.1 bp 99.77 +0.02 % +0.08 % +0.03 % 1.002 03 Dec
3 months 2.676% -24.6 bp -95.9 bp -102.2 bp 99.34 +0.06 % +0.23 % +0.24 % 1.006 03 Dec
6 months 2.582% -30.6 bp -78.7 bp -107.8 bp 98.73 +0.14 % +0.38 % +0.52 % 1.012 03 Dec
9 months 2.364% -41.7 bp -112.7 bp -114.4 bp 98.26 +0.31 % +0.82 % +0.83 % 1.017 03 Dec
1 year 2.240% -32.0 bp -122.0 bp -116.9 bp 97.81 +0.32 % +1.19 % +1.15 % 1.022 03 Dec
2 years 2.182% -33.7 bp -105.4 bp -101.8 bp 95.77 +0.65 % +2.07 % +2.00 % 1.044 03 Dec
3 years 2.182% -38.0 bp -92.7 bp -86.4 bp 93.73 +1.12 % +2.75 % +2.56 % 1.066 03 Dec
4 years 2.230% -35.9 bp -78.0 bp -69.1 bp 91.56 +1.42 % +3.10 % +2.74 % 1.092 03 Dec
5 years 2.387% -29.1 bp -64.6 bp -52.0 bp 88.87 +1.43 % +3.19 % +2.56 % 1.125 03 Dec
6 years 2.408% -33.4 bp -62.6 bp -56.6 bp 86.70 +1.98 % +3.73 % +3.36 % 1.153 03 Dec
7 years 2.497% -36.7 bp -58.2 bp -62.7 bp 84.14 +2.53 % +4.04 % +4.35 % 1.188 03 Dec
8 years 2.543% -35.8 bp -60.8 bp -66.2 bp 81.80 +2.83 % +4.84 % +5.28 % 1.222 03 Dec
9 years 2.648% -35.0 bp -57.5 bp -60.3 bp 79.04 +3.10 % +5.16 % +5.41 % 1.265 03 Dec
10 years 2.768% -36.6 bp -53.9 bp -58.5 bp 76.11 +3.62 % +5.37 % +5.84 % 1.313 03 Dec
15 years 3.082% -38.1 bp -53.9 bp -61.1 bp 63.42 +5.68 % +8.13 % +9.27 % 1.576 03 Dec
20 years 3.247% -38.4 bp -50.4 bp -66.3 bp 52.78 +7.71 % +10.23 % +13.65 % 1.894 03 Dec
25 years 3.293% -35.9 bp -49.7 bp -67.3 bp 44.49 +9.07 % +12.75 % +17.64 % 2.247 03 Dec
30 years 3.417% -38.2 bp -50.4 bp -60.8 bp 36.50 +11.72 % +15.73 % +19.24 % 2.740 03 Dec
Last Update: 3 Dec 2024, 3:23 GMT+0

Spain Yield History

This table presents the historical values of the yield curve, with data points collected at the end of each year.

By analyzing these values over time, one can observe trends and shifts in economic sentiment and monetary policy that impact investor expectations about future interest rates and economic growth.

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Government Bonds Yield (%)
Spread (bp)
Period 1M 3M 6M 1Y 2Y 3Y 5Y 7Y 10Y 30Y 10Y - 2Y
Dec 2024 2.753 2.676 2.582 2.240 2.182 2.182 2.387 2.497 2.768 3.417 58.6
Dec 2023 3.560 3.687 3.561 3.208 3.024 2.568 2.624 2.730 3.008 3.647 -1.6
Dec 2022 1.378 1.602 2.274 2.695 2.947 2.908 3.116 3.311 3.649 4.000 70.2
Dec 2021 -0.807 -0.696 -0.604 -0.594 -0.619 -0.489 -0.018 0.119 0.568 1.392 118.7
Dec 2020 -0.914 -0.826 -0.649 -0.659 -0.630 -0.583 -0.486 -0.266 0.044 0.852 67.4
Dec 2019 -1.015 -0.617 -0.453 -0.473 -0.458 -0.389 -0.081 0.103 0.462 1.319 92.0
Dec 2018 -0.600 -0.430 -0.416 0.010 -0.234 -0.051 0.329 0.873 1.422 2.617 165.6
Dec 2017 -0.990 -0.495 -0.515 -0.504 -0.246 0.039 0.416 0.822 1.568 2.850 181.4
Dec 2016 n.a. -0.471 -0.401 -0.346 -0.276 -0.052 0.271 0.820 1.369 2.580 164.5
Dec 2015 n.a. -0.162 -0.058 -0.055 0.037 0.172 0.676 0.981 1.781 2.975 174.4

Spain Yield Analysis

Normally, longer-duration interest rates are higher than short-duration. So, the yield curve normally slopes upward as duration increases. For this reason, the spread (i.e. the yield difference) between a longer and a shorter bond should be positive. If not, the yield curve can be flat or inverted.

The curve convexity is measured considering some key bond durations (usually 2 years and 10 years, but also other maturities).

Internal Spread on Key Maturities:
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2Y vs 1Y -5.8 bp Yield Curve is flat in Short-Term Maturities
5Y vs 2Y 20.5 bp Normal Convexity in Mid-Term vs Short-Term Maturities
10Y vs 2Y 58.6 bp Normal Convexity in Long-Term vs Short-Term Maturities
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Residual
Maturity
Yield Spread vs Spread vs
Central Bank
Rate (3.40%)
3 months 1 year 2 years 5 years 10 years
30 years 3.417% 1.7bp
10 years 2.768%
-63.2bp
5 years 2.387%
-101.3bp
2 years 2.182%
-121.8bp
1 year 2.240%
-116.0bp
3 months 2.676%
-72.4bp

Spain Credit Ratings

A credit rating is an assessment of the creditworthiness of a borrower (in general terms or with respect to a particular debt or financial obligation).

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Rating Agency Rating Outlook Last Update Action
Standard & Poor's A- positive 11 Nov 2024 rating downgrade
Moody's Investors Service Baa1 positive 18 Mar 2024 outlook upgrade
Fitch Ratings A- positive 8 Nov 2024 outlook upgrade
DBRS A (high) - 2 Dec 2024 rating upgrade

Spain Interest Rates

A bank rate is the interest rate at which a nation's central bank lends money to domestic banks, often in the form of very short-term loans.

Interest Rates Value
Central Bank Rate 3.40%

Spain Credit Default Swaps

The term credit default swap (CDS) refers to a financial derivative that allows an investor to swap or offset their credit risk with that of another investor. To swap the risk of default, the lender buys a CDS from another investor who agrees to reimburse the lender in the case the borrower defaults.

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Credit Default Swap CDS Value Var % 1W Var % 1M Var % 1Y Implied PD(*)
5 Years CDS 31.30 0.00 % +6.79 % -34.51 % 0.52 %
(*) Implied probability of default, calculated on the hypothesis of a 40% recovery rate.
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Spain 10Y Bond Yield Spread

The Spain 10Y Government Bond has a 2.768% yield.

A positive spread, marked by , means that the 10Y Bond Yield is higher than the corresponding foreign bond. Instead, a negative spread is marked by a green circle .

Click on the values in "Current Spread" column, for the historical series of the spread.
Click on the "Compare" button, for a report with the full comparison between the two countries, with all the available data.
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Spain 10Y vs Current Spread Chg 1M Chg 6M Chg 12M Compare
Countries
vs Japan 10Y 169.7 bp -49.2 bp -56.1 bp -95.0 bp
vs China 10Y 73.9 bp -27.0 bp -24.7 bp +8.4 bp
vs Germany 10Y 73.2 bp +1.2 bp +0.9 bp -26.2 bp
vs France 10Y -14.2 bp -10.2 bp -38.0 bp -57.4 bp
vs Canada 10Y -31.3 bp -15.8 bp -7.5 bp -21.7 bp
vs Italy 10Y -49.2 bp +6.4 bp +9.6 bp +24.5 bp
vs United States 10Y -142.5 bp -17.3 bp -33.8 bp -56.9 bp
vs United Kingdom 10Y -145.0 bp -12.9 bp -53.9 bp -66.3 bp
vs Australia 10Y -156.8 bp -14.5 bp -53.0 bp -52.5 bp
vs India 10Y -405.2 bp -34.5 bp -41.2 bp -11.5 bp
vs Brazil 10Y -1060.1 bp -62.5 bp -208.7 bp -314.2 bp
vs Russia 10Y -1234.7 bp +138.4 bp -65.4 bp -349.0 bp

Spain Government Bonds Prices

Price Simulation: bonds with a face value of 100, with different coupon rates.

The highlighted column refers to the zero coupon bond.
Click on for a forecast of the yield.
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Residual
Maturity
Yield Bond Price - with different Coupon Rates Fx
0% 1% 3% 5% 7% 9%
30 years 3.417% 36.50 55.08 92.25 129.42 166.59 203.76
25 years 3.293% 44.49 61.34 95.06 128.78 162.49 196.21
20 years 3.247% 52.78 67.32 96.41 125.49 154.58 183.67
15 years 3.082% 63.42 75.29 99.03 122.76 146.50 170.23
10 years 2.768% 76.11 84.74 102.00 119.27 136.53 153.80
9 years 2.648% 79.04 86.96 102.79 118.62 134.45 150.28
8 years 2.543% 81.80 88.96 103.27 117.58 131.90 146.21
7 years 2.497% 84.14 90.49 103.19 115.89 128.59 141.29
6 years 2.408% 86.70 92.22 103.27 114.32 125.37 136.42
5 years 2.387% 88.87 93.54 102.86 112.18 121.50 130.82
4 years 2.230% 91.56 95.34 102.92 110.49 118.06 125.64
3 years 2.182% 93.73 96.60 102.35 108.10 113.85 119.59
2 years 2.182% 95.77 97.71 101.58 105.46 109.33 113.20
1 year 2.240% 97.81 98.79 100.74 102.70 104.66 106.61
Maturity Date 100.00 100.00 100.00 100.00 100.00 100.00
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