Spain Senior Unsecured Callable Corporate Bond Yields (USD)
Fitted spot curve as of 2026-07-27
https://bondscovery.com/yield-curve/usd-corporate-senior-unsecured-spain-callable
Spain Senior Unsecured Callable Corporate Bond Yields (USD) as of 2026-07-27: 10Y at 6.04%, fitted curve 3M–20Y (4.70%–6.44%), 36 bonds. Live chart, constituents and forward rates on bondScovery.
| Maturity | Fitted yield | Forward rate |
|---|---|---|
| 3M | 4.70% | — |
| 6M | 4.72% | 4.73% |
| 9M | 4.73% | 4.77% |
| 12M | 4.75% | 4.81% |
| 18M | 4.79% | 4.87% |
| 2Y | 4.84% | 4.98% |
| 3Y | 4.95% | 5.17% |
| 4Y | 5.09% | 5.49% |
| 5Y | 5.24% | 5.87% |
| 6Y | 5.41% | 6.27% |
| 7Y | 5.59% | 6.64% |
| 8Y | 5.75% | 6.93% |
| 10Y | 6.04% | 7.17% |
| 15Y | 6.37% | 7.04% |
| 20Y | 6.44% | 6.65% |
2Y, 10Y and the 10Y−2Y spread over time
The 2-year yield is 4.84% and the 10-year 6.04%, a 10Y−2Y spread of +120 bp — positively sloped — as of 2026-07-27. The chart and table below track how they have moved.
Fitted 2Y and 10Y yields and their spread, sampled one build date per month. See all inverted curves today →
| Tenor | Latest2026-07-27 | 1m ago2026-06-26 | 2m ago2026-05-28 | 3m ago2026-04-28 | 4m ago2026-03-30 | 5m ago2026-02-27 | 6m ago2026-01-28 |
|---|---|---|---|---|---|---|---|
| 2Y | 4.84% | 4.71% | 4.73% | 4.63% | 4.70% | 4.23% | 4.43% |
| 10Y | 6.04% | 5.70% | 5.94% | 5.95% | 6.06% | 5.81% | 5.96% |
| 10Y − 2Y | +120 bp | +99 bp | +121 bp | +132 bp | +136 bp | +159 bp | +152 bp |
Yields by rating group
The same curve split by credit quality: 41 rated bonds across 3 rating bands, all maturities pooled. Median yield by band: AAA to AA- 4.48%, A+ to BBB- 5.16%, Speculative 5.62%.
Bonds in this curve
A selection of 30 of the 41 bonds behind this curve, spread across maturities.
| Issuer | Yield | Maturity | Coupon | ISIN |
|---|---|---|---|---|
| Banco Santander SA | 4.27% | 2026-10-05 | 3.24% | US80282KAZ93 |
| Telefonica Emisiones SAU | 5.16% | 2027-03-08 | 4.10% | US87938WAT09 |
| Banco Santander SA | 4.59% | 2027-04-11 | 4.25% | US05964HAB15 |
| Banco Santander SA | 4.27% | 2027-07-13 | 4.40% | US80282KAP12 |
| Banco Santander SA | 4.97% | 2027-08-18 | 5.29% | US05964HAS40 |
| Banco Santander SA | 4.48% | 2027-12-12 | 4.50% | US80283LBB80 |
| Banco Santander SA | 4.82% | 2028-02-23 | 3.80% | US05964HAF29 |
| Banco Santander SA | 4.79% | 2028-04-12 | 4.38% | US05964HAJ41 |
| Bbva | 5.54% | 2028-09-14 | 6.14% | US05946KAL52 |
| Grifols SA | 5.62% | 2028-10-15 | 4.75% | US39843UAA07 |
| Banco Santander SA | 4.81% | 2028-11-07 | 6.61% | US05964HAY18 |
| Bbva | 4.90% | 2029-03-13 | 5.38% | US05946KAQ40 |
| Banco Santander SA | 5.23% | 2029-12-10 | 5.62% | USP1507SAL18 |
| Banco Santander SA | 5.03% | 2029-12-10 | 5.62% | US05969BAF04 |
| Banco Santander SA | 5.10% | 2030-03-14 | 5.54% | US05964HBB06 |
| Banco Santander SA | 5.00% | 2030-11-20 | 4.55% | US05973N2A86 |
| Banco Santander SA | 5.45% | 2030-12-03 | 2.75% | US05971KAG40 |
| Banco Santander SA | 5.17% | 2031-07-15 | 5.44% | US05964HBG92 |
| Banco Santander SA | 5.24% | 2031-10-26 | 3.18% | US05971WAD56 |
| Banco Santander SA | 5.16% | 2032-11-22 | 3.23% | US05971KAL35 |
| Bbva | 5.70% | 2033-01-18 | 5.12% | USP16259AM84 |
| Banco Santander SA | 5.25% | 2033-11-07 | 6.94% | US05964HAZ82 |
| Bbva | 6.32% | 2034-09-13 | 5.88% | USP16259AN67 |
| Bbva | 6.01% | 2034-11-15 | 7.88% | US05946KAN19 |
| Bbva | 5.76% | 2036-03-03 | 5.13% | US05946KAU51 |
| Telefonica Emisiones SAU | 5.97% | 2036-06-20 | 7.04% | US87938WAC73 |
| Cellnex Finance Company SA | 6.29% | 2041-07-07 | 3.88% | USE2943JAA72 |
| Cellnex Finance Company SA | 6.23% | 2041-07-07 | 3.88% | US15118JAA34 |
| Telefonica Emisiones SAU | 6.54% | 2047-03-08 | 5.21% | US87938WAU71 |
| Telefonica Emisiones SAU | 6.46% | 2048-03-06 | 4.89% | US87938WAW38 |