(1/2): 3y Bono, 7y Obli Previews

Spain will come to the market today to sell E4.5-5.5bln of the 3y Bono, 7y Obli, 10y Obli and off-the-run 20y Obli.

• 0% May-24 Bono: This is the third auction of the 3-year Bono after it was launched on 7 January and tapped on 4 February. There is currently E5.1bln of the Bono outstanding and the two auctions have seen bid-to-covers of 1.85x and 2.09x respectively with bids of just under E4.8bln seen in both auctions. There was only one 3-year auction that saw higher volumes of bids in the whole of 2020 (the auction for the off-the-run 0.35% Jul-23 Bono in May which began life as a 5y Bono).
• 0.80% Jul-27 Obli: Since its syndicated launch in March 2020 for E10bln, a further E9.5bln has been sold of the benchmark 7-year Obli through six auctions, most recently 21 January. Last month's auction saw the second lowest amount bid to date (E2.54bln) but the third highest bid-to-cover of 1.91x (as more was allotted in the first three taps).
• Previews for the 10y/20y Oblis will follow in the next bullet.