Debt that the national, regional or local government has recognized through interests bearing titles (bonds).

In the case of Spain, one can make the following classification:

  • Short-term bonds or letters that mature within eighteen months. In this case, the return is recuperated because the purchase price is less than the value of the security.
  • In the medium-term bonds last between 2-5 years. This type of debt has an explicit interest rate.
  • Long-term obligations last longer than five years and, like the bond, interest rates are explicit.