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3/5y Bonos / 10y Obli

SPAIN AUCTION PREVIEW

Spain will come to the market this morning to sell its on-the-run 3/5-year Bonos and 10-year Obli for E4.5-5.5bln.

  • On offer will be the 0% May-24 Bono ( ES0000012H33 ), the 0% Jan-26 Bono ( ES0000012G91 ) and the 0.50% Oct-31 Obli ( ES0000012I32 ).
  • Spanish 10-year spreads to Bunds have tightened by around 7bp since the start of the month and at the time of writing sit at around 65bp.
  • This is close to the middle of the 60-73bp range we have been in since mid-February.
  • Spanish auctions continue to be well received as the following tables show.
  • Timing: Results will be available shortly after the auction closes at 9:30BST/10:30CET.

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