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(2/2): 10y Obli, Off-the-run 20y Obli

SPAIN AUCTION PREVIEW
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.
  • 0.10% Apr-31 Obli: The relatively new benchmark 10-year was first sold via a syndicated transaction on 13 January, with E10bln issued from a book size of E55bln. A further E2.03bln was sold earlier this month, with bids of 3.34bln. Demand for 10y Oblis has remained strong and we look for another successful auction today.
  • 4.90% Jul-40 Obli: The 4.90% Jul-40 Obli was last tapped almost two years ago in March 2019, with bids of E1.09bln seeing E0.61bln sold, achieving a cover of 1.79x. Since then, the new benchmark 20-year 1.20% Oct-40 Obli was launched via syndication in June for E12bln with books of E78bln and has since been tapped in November and January seeing bids of E2.73bln and E2.28bln respectively. The only other 20-year auction in 2020 saw the 4.70% Jul-41 Obli reopened in September with E1.43bln sold from bids of E1.56bln.
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