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3y Bono, 10/30y Oblis, Linker

SPAIN AUCTION PREVIEW
MNI (London)
  • On offer today: E4-5bln of the 3-year Bono and 10/30-year Oblis
    • 0% May-25 Bono (ISIN: ES0000012K38)
    • 2.55% Oct-32 Obli (ISIN: ES0000012K61)
    • 1.90% Oct-52 Obli (ISIN: ES0000012K46)
    • E250-750mln of the 0.70% Nov-33 Obli-Ei (ISIN: ES0000012C12)
  • Market colour: 3y Bono yields fell over 150bp from the June 14 high of 2.174%, to the August 2 low of 0.659% and had since recovered to 1.752% at the time of writing.
  • 10/30y Oblis saw highs of 3.216% and 3.645% on June 14, before decreasing 145bp and 120bp to the August 2 lows. Yields are now back around 2.731% and 3.258%.
  • 10y linker yields have risen approx. 83bp since the beginning of August and currently stand around 0.523%.
  • Bono spreads to the 0% Apr-25 Bobl reached a high of 81.7bp on June 14 and have since narrowed to around 60.7bp.
  • 10/30y Obli spreads to the respective Bunds have widened since the beginning of the month by 11.6-12.7bp to 119.5bp and 163.5bp at the time of writing.
  • 0.70% Nov-33 Obli-Ei breakevens to the Obli were around 218.8bp at the time of writing, down 44bp from the late-April high.
  • Timing: Results will be available shortly after the auction closes at 0930 BST / 1030 CEST.
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