Spain's Ministry of Finance paid a yield of 2.63% on its nine-month Treasury bills, marking the highest level for the instrument since November 2024.
The auction raised €2.126 billion, underscoring continued upward pressure on short-term sovereign borrowing costs in the eurozone.
The result reflects a broader repricing of inflation expectations across European markets.
Investors are increasingly discounting the likelihood of a rapid decline in price pressures, pushing yields on short-dated government debt higher.
This move aligns with trends seen in other major markets, where short-term rates have been climbing as central banks maintain a cautious stance on monetary easing.
The auction comes amid a backdrop of persistent inflationary signals.