3/5/10-year nominal benchmarks, 1.00% Nov-30 Obli-Ei

Spain will come to the market this morning to sell E4-5bln of nominal 3/5/10-year benchmark bonds and E250-750mln of a 10-year linker.

• The bonds on offer will be the 0% May-24 Bono, the 0% Jan-26 Bono, the 0.50% Oct-31 Obli and the 1.00% Nov-30 Obli-Ei.
• The nominal auction size of E4-5bln is in line with the guidance seen in early July when E4.739bln was issued.
• At the time of writing, Spanish 10-year spreads over Germany are at comparable levels to those seen in mid-May and the last time the spread was considerably higher was October 2020.
• In spite of the wider spread, we think there will continue to be strong demand at today's auction and note that there was little impact on demand when spreads widened around the mid-May auction.
• In upcoming posts we will publish the recent auction history of the bonds on offer today.
• Timing: Results will be available shortly after the auction closes at 9:30BST/10:30CET.