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3/5/8-year Oblis

SPAIN AUCTION PREVIEW
MNI (London)
  • On offer today: E3.5-4.5bln of Oblis:
    • 2.15% Oct-25 Obli (ISIN: ES00000127G9)
    • 0% Jan-27 Bono (ISIN: ES0000012J15)
    • 0.50% Apr-30 Obli (ISIN: ES0000012F76)
  • Market colour: 3/5-year Obli yields have risen 117-120bp since lows at the beginning of August, to stand around 1.861% and 2.179% at the time of writing.
  • 8-year Obli yields rose around 100bp over the same period to around 2.497%. 3/5/8-year Obli yields are currently 32-37bp below June 14 highs.
  • 3-year spreads to the 0% Oct-25 Boblare currently around 49.4bp, 28bp below the June 14 high.
  • 5/8-year spreads to the 0% Apr-27 Bobl and 0% Aug-30 Bund have narrowed around 31bp and 23bp from mid-June highs to approx. 65.5bp and 90.3bp at the time of writing.
  • Timing: Results will be available shortly after the auction closes at 0930 BST / 1030 CEST.

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