Prime Minister Pedro Sánchez has repeatedly affirmed plans to complete the current legislative term ending in 2027, with the government advancing procedures for the 2027 General State Budget and explicitly ruling out an early national vote. Recent regional contests, including PSOE setbacks in Andalusia and other regions in 2026, have boosted opposition Partido Popular positioning in national polls while highlighting potential coalition dynamics with Vox, yet no successful no-confidence motion or withdrawal of support from key allies such as Junts has emerged. These developments sustain trader consensus favoring completion of the term, though budget negotiations, parliamentary arithmetic, and any escalation in ongoing investigations could still alter the timeline before the constitutional deadline.