A letra has a nominal of €1,000 and the minimum purchase is €1,000. You buy below the nominal: that difference is the entire return, because a letra pays no coupons.
Simple interest, 360-day year (term of 376 days or less)
| Purchase price | €971.50 |
| Gain (nominal − price) | €28.50 |
| Annual yield | 2.901 % |
| Income tax on the gain | €5.42 |
| Effective rate | 19.00 % |
| Net gain | €23.09 |
Letras del Tesoro carry NO withholding: nothing is retained at maturity and the whole gain is settled in your annual return. Worth planning for.
Educational estimate, not investment advice. Each auction yield is published by the Tesoro Público and differs with every issue. The savings brackets used are those in force for 2026: confirm them for later years.