Bonos y Obligaciones del Estado

 Bonos and Obligaciones del Estado are Treasury Securities with maturities above two years. Bonos and Obligaciones have exactly the same features, except for their maturity. Maturities of Bonos range from two to five years, while Obligaciones have maturities of more than five years.

 The issuance of Bonos and Obligaciones del Estado is made through competitive auctions. Bids must be made for at least EUR1,000 (Pta166,386), or a multiple of this minimum amount.

 Government Bonds are interest-bearing securities, with annual coupons, as opposed to Letras which pay all interest at maturity. Coupons are paid on a yearly basis and reflect the "nominal" interest on the security.

 The Treasury currently issues Government Bonds with the following maturities:

 3-year Bonos
 5-year Bonos
 10-year Obligaciones
 15-year Obligaciones
 30-year Obligaciones