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FUNDING STRATEGY
2026
2
EXECUTIVE SUMMARY
Spain has once again led growth among ad-
vanced economies in 2025, with an expected
growth rate of 2.9%, surpassing initial forecasts.
This economic expansion has been sustained over
time—five consecutive years following the pan-
demic—, while remaining balanced and resilient. It
has been supported by both domestic and exter-
nal demand, despite a complex international envi-
ronment marked by geopolitical uncertainty and
trade tensions.
This sustained growth, together with a strong
commitment to fiscal sustainability, has
strengthened investor confidence in Spain’s
economic fundamentals. This is evident in the
narrowing of the risk premium by more than 20
basis points in 2025, to below 50 basis points—its
lowest level since the onset of the financial crisis.
Major credit rating agencies have also recog-
nized this positive trend by upgrading Spain’s
sovereign rating. Their decisions reflect the di-
versification of the economy, the improved exter-
nal position, the success of labor market reforms,
and the strengthening of the banking sector, all of
which contribute to greater financial resilience. For
the first time in thirteen years, all three agencies
now rate Spain’s sovereign debt in the “A” category,
enabling a broader and more diverse international
investor base.
The external sector continues to be a cor-
nerstone of growth. Spain has recorded thir-
teen consecutive years of net lending to the
rest of the world, supporting private-sector
deleveraging. Tourism reached historic levels in
2025, with nearly 100 million international visitors.
At the same time, exports of non-tourism services
continue to grow and now generate more revenue
than tourism itself, contributing to a greater diver-
sification of external demand.
Domestic demand has also played a signifi-
cant role, underpinned by a dynamic labour
market that has reached an all-time high of
more than 22 million people employed. Em-
ployment growth has been accompanied by rising
productivity, supported by improvements in job
quality, the creation of high value-added positions,
and a reduction in temporary employment resulting
from recent labour reforms.
A key driver of Spain’s economic transforma-
tion has been the Recovery Plan, now in its
fifth year of implementation. In 2025, Spain
received the largest disbursement ever made by
the European Commission to a Member State—more
than 23 billion euros. Of this total, 15.935 billion
euros correspond to loans, marking the first time
Spain has obtained significant funding through
this modality. Accumulated grants have reached
FUNDING STRATEGY 2026
3
55 billion euros, equivalent to 70% of the trans-
fers allocated under the plan, making Spain the EU
country that has received the highest volume of
non-repayable funds. These resources have sup-
ported strategic investments aimed at moderniz-
ing the production model and boosting long-term
potential growth.
Spain’s strong economic performance has fa-
cilitated continued fiscal consolidation. The
public debt-to-GDP ratio is expected to fall below
101% by the end of 2025—23 percentage points
lower than its pandemic-era peak. The public deficit
will decline to below 3% of GDP for the first time
since 2019, in line with the European Union’s fis-
cal framework.
The year 2026 will mark another milestone:
Spain will no longer be subject to European
post-programme surveillance. Following the
December 2025 payment, more than 75% of the
loan granted by the European Stability Mechanism
in 2012 for the recapitalization of the financial
system will have been repaid.
The Spanish Treasury has successfully exe-
cuted its 2025 financing programme, closing
the year with almost 54.775 billion euros
in net issuance—5 billion less than initially
planned. As in previous years, net issuance was
focused on medium- and long-term instruments,
which accounted for 49.792 billion euros, while the
remaining 4.984 billion corresponded to Letras del
Tesoro. In addition, the Treasury received 15.935
billion euros in loans related to the Spanish Re-
covery Plan, which have been channelled into the
economy through the financial instruments defined
in the plan’s addendum.
The debt portfolio continues to reflect pru-
dent, long-term strategic management, char-
acterized by an extended average maturity
and a well-diversified investor base. Average
life has remained stable for the fifth year in a row,
close to the historical peak of eight years reached
in 2021, making our portfolio more resilient to
changes in market conditions. The average cost of
outstanding debt increased by only 10 basis points
compared with 2024, reaching 2.31%, still low by
historical standards. The share of non-resident in-
vestors stands out at 47.8%, the second-highest
level in the Treasury’s historical series.
Looking ahead to 2026, the Treasury will
maintain a strategy of stability and predict-
ability. Planned net financing remains at 55 billion
euros, the same as in 2025. Gross issuance will rise
slightly, in line with a higher volume of scheduled
redemptions. As in recent years, most net financ-
ing—50 billion euros—will be raised through Bonos
and Obligaciones del Estado, while the remaining 5
billion will correspond to Letras del Tesoro, marking
the third consecutive year of positive net issuance
in this instrument. This will support deeper liquidity
FUNDING STRATEGY 2026
4
in the secondary market and respond to strong re-
tail demand. Finally, 2026 will be the last year of
disbursements under the Recovery Plan, which will
continue to complement market financing.
TREASURY FUNDING IN 2025
The Spanish Treasury successfully completed
its 2025 financing programme, achieving record
demand levels for the second consecutive year.
This strong performance underscores the inves-
tor community’s confidence in the Spanish econ-
omy, even amid a global environment marked by
heightened uncertainty and new geopolitical
challenges, including shifts in economic policy in
the United States.
The European Central Bank (ECB) maintained an
expansionary monetary policy stance throughout
2025. In the first half of the year, the ECB cut o-
cial interest rates four times, lowering the deposit
facility rate to 2.00%, a cumulative reduction of
200 basis points since mid-2024. This downward
trajectory in rates was accompanied by the continu-
ation of Quantitative Tightening (QT), which entails
a gradual reduction of the ECB’s holdings under
both the Public Sector Purchase Programme (PSPP)
and the Pandemic Emergency Purchase Programme
(PEPP). Despite the decrease in Eurosystem public
debt holdings, financial markets remained stable,
supported by robust private investor demand.
Spain’s strong economic and fiscal performance,
despite global uncertainty, contributed to rating
upgrades by the three main credit rating agen
-
cies—S&P (A+), Moody’s (A3), and Fitch (A)—during
2025. For the first time in thirteen years, all three
now place Spain’s sovereign debt firmly in the “A”
category, expanding access to international inves-
tors with rating-constrained fixed-income man-
dates. This improvement is expected to translate
into more favourable financing conditions for the
Treasury and for other Spanish public and private
issuers whose creditworthiness is closely linked to
the sovereign.
These positive developments had already been
priced in by markets, as reflected in the continued
tightening of the Spanish risk premium—from 70
basis points at the start of the year to below 50
basis points, a level not seen since 2009. The risk
premium has now fallen by half since early 2024,
underscoring investors’ confidence in Spain’s me-
dium- and long-term growth prospects and in the
sustainability of its public finances..
FUNDING STRATEGY 2026
5
Graph 1: Risk premium
(in basis points)
0
100
200
300
400
500
600
700
200820092010201120122013201420152016201720182019202020212022202320242025
40
70
100
Jan-23
Apr-23
Jul-23
Oct-23
Jan-24
Apr-24
Jul-24
Oct-24
Jan-25
Apr-25
Jul-25
Oct-25
In this context, the Spanish Treasury successfully
executed its 2025 financing programme, closing
the year with 54.775 billion euros in net issuance.
This outcome follows the September revision of
the initial 60-billion-euro target set at the begin-
ning of the year. Stronger-than-expected economic
performance allowed the Treasury to reduce its fi-
nancing needs, even as defence spending increased
in response to geopolitical challenges.
As in previous years, most net financing was con-
centrated in medium- and long-term instruments,
which accounted for 49.792 billion euros, while
the remaining 4.984 billion came from Letras del
Tesoro. This marks the second consecutive year of
positive net issuance in Letras, a strategy aimed
at strengthening their liquidity in the secondary
market, which has been aected by strong retail
demand. Total gross issuance reached 274.017
billion euros—14.652 billion more than in 2024—re-
flecting the higher volume of redemptions in 2025.
Of this total, 171.305 billion euros corresponded
to long-term instruments and 102.712 billion to
Letras del Tesoro.
In 2025, Spain received its first major disburse-
ment of European loans under the Recovery and
Resilience Facility, amounting to 15.935 billion
FUNDING STRATEGY 2026
6
euros. These resources are intended to support pri-
vate-sector financing through the instruments cre-
ated in the 2023 addendum to the Recovery Plan.
Granted under favourable financial conditions, these
loans help diversify the Treasury’s funding sources
and extend the average maturity of public debt.
The year also saw the fourth repayment of the
loan granted by the European Stability Mechanism
(ESM) in 2012 for the recapitalisation of the fi-
nancial system, originally totalling 41.333 bil-
lion euros. Spain has now repaid 34.047 billion
euros—through both scheduled and early pay-
ments—leaving an outstanding balance of 7.286
billion euros, with annual maturities through 2027.
Having repaid more than 75% of the original loan,
Spain exited post-programme surveillance in De-
cember 2025.
Graph 2: Funding Programs since 2012
(in EUR billion)
36,8
71,0
65,0
55,0
45,0 45,0 40,0 35,0 32,5
100,0
75,0 70,0
55,0 60,0
96,6 73,7
55,6
47,7
35,0
45,0
34,3
20,0
109,9
75,1 70,1 65,1
55,0 54,8
249,6 238,6 241,3 236,8
221,4 233,9
213,0
192,8
277,1 264,3
232,6
252,0 259,4
274,0
0
60
120
180
240
300
0
30
60
90
120
150
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Forecast net issuance (left) Final net issuance (left) Final gross issuance (right)
FUNDING STRATEGY 2026
7
Table 1: The Spanish Treasury’s funding in 2025
(eective terms, EUR million)
End 2024 Forecast Strategy 2025 End 2025
Total Net Issuance 55.034 60.000 54.775
Total Gross Issuance 259.365 278.448 274.017
Medium and Long-term1
Gross Issuance 169.898 176.514 171.305
Redemptions 118.118 121.514 121.514
Net Issuance 51.780 55.000 49.792
Letras del Tesoro
Gross Issuance 89.468 101.934 102.712
Redemptions 86.214 96.934 97.728
Net Issuance 3.254 5.000 4.984
Recovery Plan Loans End 2024 Forecast Strategy 2025 End 2025
Financing 340 16.000 15.935
1. Includes Bonos and Obligaciones, debt in other currencies, assumed debts, loans and other debts.
Regarding the issuance method for medium and
long-term bonds, 80% of gross financing in 2025
(136.394 billion euros) was raised through ordinary
auctions, while the remaining 20% (34.912 billion
euros) was obtained via syndicated issuances—fully
in line with the practices of 2023 and 2024.
Over the course of the year, the Treasury conduct-
ed 46 auctions: 22 for Bonos and Obligaciones del
Estado and 24 for Letras del Tesoro. Market access
remained smooth and uninterrupted, as reflected in
the bid-to-cover ratio—the ratio of demand to the
amount allotted—which stood at 2.76 in 2025. This
level is broadly consistent with 2024 and higher
than in previous years (2.95 in 2024; 2.47 in 2023;
2.50 in 2022; 2.82 in 2021).
In terms of syndicated issuance, the Treasury launched
three new benchmark operations, all of them met with
record demand: two 10-year bonds and one 15-year
bond. In each case, orders exceeded around ten times
the amount issued, confirming strong and diversified
market access even during periods of internation-
al volatility. Notably, the first 10-year syndication
reached the highest demand ever recorded by the
Treasury. These operations also contributed to fur-
ther diversifying the investor base, with an average of
87.5% of allocations going to international investors.
FUNDING STRATEGY 2026
8
Analysis of the issuance programme reveals a
significant reduction in the average cost of new
debt, reflecting the decline in ECB policy rates
and moderating inflation in the euro area. The
average cost of new debt issued in 2025 stood
at 2.70%, a decrease of 74 basis points compared
to 2023 (3.44%) and 46 basis points relative to
2024 (3.16%). This consolidates the downward
trend that began in 2023. Meanwhile, the average
cost of outstanding debt remained at historically
contained levels, ending 2025 at 2.31%, just 10
basis points above the 2024 figure (2.21%). Since
its historical low of 1.64% in 2021, this indicator
has risen by only 67 basis points, compared with a
cumulative increase of 250 basis points in ocial
interest rates over the same period. It is expected
to remain close to current levels, supported by
the portfolio’s low refinancing risk and the ECB’s
monetary policy stance.
As a result, the interest burden of public debt re-
mains around 2% of GDP—still at historically low
levels—despite the increase in public indebtedness
following the pandemic.
Graph 3: Public debt average cost
(in percentage)
1,64%
2,21% 2,31%
-0,04%
3,16%
2,70%
-0,5%
0,0%
0,5%
1,0%
1,5%
2,0%
2,5%
3,0%
3,5%
4,0%
4,5%
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Coste de la deuda en circulación Coste de la deuda en emisión
FUNDING STRATEGY 2026
9
Maintaining a long average maturity in the public
debt portfolio enhances its resilience to changes
in market conditions and helps explain why the in-
crease in the average cost of debt has remained
contained despite the sharp rise in ECB policy rates.
The average life of the portfolio has remained sta-
ble for the fifth consecutive year at around eight
years, keeping refinancing risk at just 13%. This
means that only a small share of the debt is subject
to the financial conditions prevailing in any given
fiscal year. The average maturity of newly issued
Bonos and Obligaciones has declined, reflecting the
general steepening of yield curves, which makes
long-term issuance more costly. However, this ef-
fect has been oset by the long maturity of the
loans received under the Recovery Plan—averaging
around 20 years—which has helped preserve the
overall average life of the portfolio.
Graph 4: Average life of outstanding debt
(in years)
6,35
6,20
6,28
6,45
6,81
7,13
7,45
7,55
7,75
7,99
7,86 7,84 7,85 7,87
6,0
6,2
6,4
6,6
6,8
7,0
7,2
7,4
7,6
7,8
8,0
8,2
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
For the second consecutive year, the Spanish
Treasury recorded positive net issuance of Letras in
2025, reversing the pattern observed since 2017
(with the exception of the pandemic period). This
strategy aims to reinforce the liquidity of these
instruments in the secondary market in response
to strong retail demand, much of which is held to
maturity. Although retail demand has begun to
moderate after peaking in September 2024, it re-
mains significant, representing 25% of the investor
base for Letras. Nevertheless, Letras continue to
account for a relatively small share of outstanding
public debt, totalling 77.692 billion euros at the end
of 2025, around 5% of the total.
FUNDING STRATEGY 2026
10
Gráfico 5: Descomposición de la emisión neta del Tesoro
(en miles de millones de euros)
46,5
116,7
62,1
48,2
96,6
73,7
55,6
47,7
35,0
45,0
34,3
20,0
109,9
75,1
70,1
65,1
55,0 54,8
-10
5
20
35
50
65
80
95
110
125
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
T-Bills Medium and long-term Total
Foreign investor demand continues to display a
very positive trend: for the fifth consecutive year,
non-resident investors increased their holdings of
Spanish debt, becoming in 2025 the largest holders
of Bonos, Obligaciones, and Letras. As of Septem-
ber, they accounted for 47.77% of the portfolio,
very close to the historical peak of 48.8% reached
in 2019. Notably, since the end of 2022, when the
ECB stopped its net asset purchases, non-resident
holdings of Bonos and Obligaciones have risen by
more than 200 billion euros, underscoring the strong
diversification momentum within the Spanish pub-
lic debt market.
This sustained interest has been supported by
Spain’s solid economic performance, the improve-
ment in its credit rating, and the Treasury’s diver-
sification strategy, which together have helped
oset the gradual decline in ECB holdings. The ECB
accounted for 23.8% of total holdings as of Sep-
tember 2025, down from 33.6% in 2021. Domestic
demand also remains strong—particularly from the
FUNDING STRATEGY 2026
11
banking sector—whose share increased slightly to
14.3% at the end of September.
Alongside traditional nominal Bonos and Obliga-
ciones, the Treasury continues to promote two
programmes that support the diversification of
its investor base: the Green Bond Programme and
euro-area inflation-linked references. The Green
Bond Programme, launched in 2021 with a bench-
mark maturing in July 2042, has continued to grow
through regular auction reopenings. In 2025, an
additional 3.057 billion euros were issued—broadly
in line with previous years—bringing the total out-
standing volume to 18.384 billion euros. Beyond
providing access to a specialised investor base, the
programme contributes to the development of the
sustainable finance market in Spain and supports
the financing of projects that advance the green
transition of the economy.
Issuance of inflation-linked Bonos and Obligaciones
also oers access to a distinct and high-quality in-
vestor base seeking protection against inflation. In
2025, the Treasury conducted twelve reopenings
of existing euro-area inflation-linked referenc-
es, issuing a total of 7.126 billion euros to meet
investor demand and strengthen liquidity in this
segment. As a result, the outstanding balance of
inflation-linked debt now stands at 91.680 billion
euros, representing 6.0% of total public debt.
0%
50%
100%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Non-residents Bank of Spain Spain Ex. Bank of Spain
Graph 6: Holdings of Letras, Bonos and Obligaciones
(in percentage)
FUNDING STRATEGY 2026
12
TREASURY FUNDING IN 2026
Net market issuance in 2026 will remain at 55 billion
euros, supporting Spain’s fiscal consolidation path
despite the expected increase in defence spending.
As in recent years, most of the net issuance—50
billion euros—will be carried out through medium-
and long-term instruments. The remaining 5 bil-
lion euros will be raised through Letras, ensuring
adequate liquidity in this market amid continued
strong retail demand.
Gross issuance is projected to reach 285.677 billion
euros, a modest 4% increase compared with 2025,
driven by a higher volume of maturities in 2026.
Medium- and long-term maturities will amount to
126.935 billion euros, including a scheduled repay-
ment of 3.643 billion euros to the ESM. Maturities
of Letras will total 103.742 billion euros. Conse-
quently, gross medium- and long-term issuance will
stand at 176.935 billion euros, while gross issuance
of Letras will reach 108.742 billion euros. The in-
itial estimate for Letras may vary slightly during
the year, as part of these instruments mature and
must be refinanced.
In 2026, Spain is also expected to receive 6.5 bil-
lion euros of additional European loans under Next
Generation EU, supplementing the 15.934 billion
euros disbursed in 2025. These loans will reinforce
the financial instruments created in the addendum
to the Recovery Plan, channeling funds to Spanish
firms to stimulate private investment and support
long-term growth. 2026 is the final year in which
disbursements can be made under the Recovery and
Resilience Facility, established in 2021. These re-
sources will be complemented by a new mechanism,
the Security Action for Europe (SAFE), which will
provide further loans to help sustain the increase
in defense spending.
Spain will also continue to receive grants under
the Next Generation EU and REPowerEU programs,
enabling the investments needed to advance the
green, digital, and inclusive transformation of the
Spanish economy. These transfers will be received
alongside the loans described above in 2026.
Regular Issuance by the Treasury
In 2026, the Treasury will maintain its regular is-
suance schedule, raising the bulk of its financing
through standard auctions of Letras and Bonos
and Obligaciones. A total of 48 regular auctions
are planned, as detailed in the calendar included
in the annex to this document.
Two monthly auctions of Letras will be held, gener-
ally on Tuesdays. The first, covering 6 and 12-month
Letras, will take place during the week of the month-
ly redemption to facilitate reinvestment. The second
FUNDING STRATEGY 2026
13
auction, held the following Tuesday, will reopen the
3- and 9-month Letras. The 3, 6, and 9-month Let-
ras are reopenings of the 12-month Letras issued
9, 6, and 3 months earlier, respectively. To ensure
adequate liquidity from launch, larger volumes will
be placed in the first reopenings.
Regular auctions of nominal Bonos and Obliga-
ciones will generally take place on the first and
third Thursday of each month. As in previous years,
the first monthly auction may include an infla-
tion-linked reference to the euro area. In such cas-
es, two issuance ranges will be announced: one for
nominal Bonos and Obligaciones and another for
inflation-linked ones.
On the Friday before each Bonos and Obligaciones
auction, the specific references to be oered will
be announced. On the Monday of the auction
week, the Treasury will publish the indicative tar-
get issuance range. The final amount allotted will
depend on the structure of bids, investor demand,
the outstanding balance of the instruments, and
the evolution of the Treasury’s financing needs; it
will not be necessary to reach the upper bound of
the announced range.
Table 2: The Spanish Treasury funding in 2026
(eective terms, EUR million)
Tesoro market issuance End 2025 Forecast Strategy 2026
Total Net Issuance 54.775 55.000
Total Gross Issuance 274.017 285.677
Medium - and Long-term1
Gross Issuance 171.305 176.935
Redemptions 121.514 126.935
Net Issuance 49.792 50.000
Letras del Tesoro2
Gross Issuance 102.712 108.742
Redemptions 97.728 103.742
Net Issuance 4.984 5.000
Recovery Plan Loans End 2025 Forecast Strategy 2026
Financing 15.935 6.500
1. Includes Bonos and Obligaciones, debt in other currencies, assumed debts, loans and other debts.
2. Redemptions of Letras, and therefore also gross issuance, will depend on the eective issuance of Letras throughout 2026.
FUNDING STRATEGY 2026
14
Green bond issuance will continue to be a struc-
tural component of the funding programme. The
Treasury plans to continue reopening the green
bond issued in 2021 until its outstanding volume is
comparable to that of other benchmark lines on the
curve, ensuring adequate liquidity. The 2026 issu
-
ance volume will depend on the eligible expenditure
identified by the Working Group for the Structuring
of Sovereign Green Bond Issuances of the Kingdom
of Spain and the Promotion of Sustainable Finance.
The Treasury’s green issuance will continue to sup-
port a diversified investor base, foster sustainable
finance in Spain, and finance public investments
linked to the ecological transition.
Non-Regular Issuance by the Treasury
In addition to regular auctions, the Treasury will
continue to use bank syndications in 2026 to issue
the initial tranches of new Obligaciones, typically
those with maturities of 10 years or more. Syndi-
cation is particularly well suited to launching new
benchmarks, as it enables the Treasury to place
larger volumes than would be feasible through a
standard auction, thereby supporting the liquidity
of the new lines. It also allows for the deliberate
selection of a diversified investor base, which helps
ensure strong performance of the new benchmark
in the secondary market.
Finally, the Treasury may issue debt through pri-
vate placements, in which securities are placed
directly with a specific investor. These operations
are undertaken at the investor’s initiative, rout-
ed through the Bonos and Obligaciones Primary
Dealers, and will be carried out only on an excep-
tional basis when they contribute to diversifying
the investor base, reducing the public debt inter-
est burden, and supporting the Treasury’s broader
strategic objectives.
ACKNOWLEDGEMENT TO MARKET MAKERS
The Treasury recognizes and appreciates the im-
portant role played by Primary Dealers in providing
liquidity and in the distribution and marketing of
Spain’s public debt.
The most active Primary Dealers in Bonos and Ob-
ligaciones in 2025 were: Banco Santander, S.A.,
Morgan Stanley Europe S.E., Barclays Bank Ireland
PLC, Banco Bilbao Vizcaya Argentaria, S.A. and JP
Morgan, A.G.
The most active Primary Dealers in Letras in 2025
were: Banco Santander, S.A., HSBC Continental Eu-
rope, Banco Bilbao Vizcaya Argentaria, S.A., Crédit
Agricole CIB and Barclays Bank Ireland PLC.
FUNDING STRATEGY 2026
15
Auction of Letras del Tesoro
Auction of Bonos and Obligaciones del Estado
11 *May include Bonos and Obligaciones linked to European inflation
nº Target holiday
Auction Calendar
2026
Monday Tuesday
Wednesday
Thursday Friday Saturday Sunday
1123 4
25 6 7 8* 910 11
312 13 14 15 16 17 18
419 20 21 22 23 24 25
526 27 28 29 30 31
January 2026
February
Monday Tuesday
Wednesday
Thursday Friday Saturday Sunday
51
62345* 67 8
7910 11 12 13 14 15
816 17 18 19 20 21 22
923 24 25 26 27 28
2026
March
Monday Tuesday
Wednesday
Thursday Friday Saturday Sunday
91
10 2345* 67 8
11 910 11 12 13 14 15
12 16 17 18 19 20 21 22
13 23
30
24
31 25 26 27 28 29
14
2026
April
Monday Tuesday
Wednesday
Thursday Friday Saturday Sunday
14 1 2 34 5
15 6789* 10 11 12
16 13 14 15 16 17 18 19
17 20 21 22 23 24 25 26
18 27 28 29 30
2026
May
Monday Tuesday
Wednesday
Thursday Friday Saturday Sunday
18 12 3
19 4567* 89 10
20 11 12 13 14 15 16 17
21 18 19 20 21 22 23 24
22 25 26 27 28 29 30 31
2026
June
Monday Tuesday
Wednesday
Thursday Friday Saturday Sunday
23 1234* 56 7
24 8910 11 12 13 14
25 15 16 17 18 19 20 21
26 22 23 24 25 26 27 28
27 29 30
2026
July
Monday Tuesday
Wednesday
Thursday Friday Saturday Sunday
27 12* 34 5
28 678 9 10 11 12
29 13 14 15 16 17 18 19
30 20 21 22 23 24 25 26
31 27 28 29 30 31
2026
August
Monday Tuesday
Wednesday
Thursday Friday Saturday Sunday
31 1 2
32 3456* 78 9
33 10 11 12 13 14 15 16
34 17 18 19 20 21 22 23
35 24
31 25 26 27 28 29 30
36
September 2026
Monday Tuesday
Wednesday
Thursday Friday Saturday Sunday
36 123* 45 6
37 789 10 11 12 13
38 14 15 16 17 18 19 20
39 21 22 23 24 25 26 27
40 28 29 30
2026
October
Monday Tuesday
Wednesday
Thursday Friday Saturday Sunday
40 1* 23 4
41 567 8 9 10 11
42 12 13 14 15 16 17 18
43 19 20 21 22 23 24 25
44 26 27 28 29 30 31
2026
November
Monday Tuesday
Wednesday
Thursday Friday Saturday Sunday
44 1
45 2345* 67 8
46 910 11 12 13 14 15
47 16 17 18 19 20 21 22
48 23
30 24 25 26 27 28 29
49
2026
December
Monday Tuesday
Wednesday
Thursday Friday Saturday Sunday
49 12345 6
50 7 8 9 10* 11 12 13
51 14 15 16 17 18 19 20
52 21 22 23 24 25 26 27
53 28 29 30 31
2027
January
Monday Tuesday
Wednesday
Thursday Friday Saturday Sunday
53 12 3
14 5 6 7* 89 10
211 12 13 14 15 16 17
318 19 20 21 22 23 24
425 26 27 28 29 30 31
FUNDING STRATEGY 2026
