3/7/10-year Oblis & 5-year Obli-Ei

On offer today:

• A combined E3.5-4.5bln of Oblis
  • 4.65% Jul-25 Obli (ISIN: ES00000122E5)
  • 0.80% Jul-29 Obli (ISIN: ES0000012K53)
  • 0.10% Apr-31 Obli (ISIN: ES0000012H41)
• E250-750mln of the 0.65% Nov-27 Obli-Ei (ISIN: ES00000128S2)
• Market colour: The originally 15-year 4.65% Jul-25 Obli has seen yields increase around 150bp since the beginning of the year and was edging towards the May 9 high at 1.175% at time of writing. 7-year Obli yields saw a fresh high of 1.890% this morning, having risen approx. 140bp since the early March launch. 10-year Obli yields are also close to the May 9 high again, hovering around 2.138% at the time of writing, up around 165bp from the beginning of the year.
• 4.65% Jul-25 Obli spreads to the 0% Apr-25 Bobl widened over 35bp from mid-Jan to early April and has been volatile within the 45bp-59bp range over the last two months, currently standing around 55bp. 10-year Obli spreads to the Bund widened around 35bp from the beginning of the year and are currently just off the high of approx. 101bp which was seen on May 20.
• 5-year Obli-Ei break-evens increased around 95bp from the beginning of March to the May 2 high, and have since fallen just over 50bp to approx. 257bp at the time of writing.
• Timing: Results will be available shortly after the auction closes at 0930 BST / 1030 CEST.