Spain’s current 10-year issue is the 3.40% bond maturing on October 31, 2036. At the auction on October 1, 2026 the yield was 4.181% (September 17, 2026: 3.964%).
What this changes in the calculation
The yield on Spanish government bonds is about 0.45 points a year higher.
RDL 29/2026 was published in the BOE on October 7, 2026 (BOE-A-2026-20823), with 10% VAT from December 1, 2026; the Standing Committee of the Congress votes on November 12, 2026.
On October 16, 2026 the Spanish tax agency added to its VAT news the measure of Royal Decree-Law 29/2026: rentals of housing for up to 30 nights, unless it is the landlord's main home, are subject to 10% VAT from December 1, 2026. The decree must be validated by the Congress standing committee; the previous decree RDL 26/2026 lapsed on October 2, 2026 for lack of validation.
What this changes in the calculation
Short-let in Spain gets 10% VAT added from December 1, 2026; if the decree is not validated, the measure falls away.