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5-year Bono / 8/20- year Oblis

SPAIN AUCTION PREVIEW
MNI (London)
  • Spain will come to the market this morning to issue E4.0-5.0bln of the 5-year 0% Jan-27 Bono and the 10/20-year Oblis (0.50% Apr-30, 1.20% Oct-40).
  • On offer will be:
  • 0% Jan-27 Bono. ISIN: ES0000012J15
  • 0.50% Apr-30 Obli. ISIN: ES0000012F76
  • 1.20% Oct-40 Obli. ISIN: ES0000012G42
  • Auction history: The 0% Jan-27 Bono was launched via conventional auction on October 21 last year, replacing the previous 5-year Bono (the 0% Jan-26). The initial auction issued E3.37bln at an average yield of -0.089%, resulting in a bid-to-cover of 1.35x. The bono has since been reopened once in November, where E1.49 was allotted at an average yield of -0.114% and bid-to-cover of 1.62x.
  • Today’s auction will see the seventh reopening of the 0.50% Apr-30 Obli, which was launched via syndication on January 14 2020, issuing E10bn. Since later 10-year benchmarks have launched, the 0.50% Apr-30 Obli has not been reopened. The most recent reopening was on June 4, 2020, where E2.35bln was issued at an average yield of 0.550% and bid-to-cover of 1.44x.
  • The benchmark 20-year 1.20% Oct-40 Obli was launched via syndication in June 2020 for E12bln with books of E78bln and has since been tapped three times seeing issuance of E1.36-1.75bln. The last reopening of the Obli was on Jun 3, 2021, selling E1.59bln at a higher average yield of 1.144% resulting in a bid-to-cover of 1.68x.
  • Timing: Results will be available shortly after the auction closes at 9:30GMT / 10:30CET.
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