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3/7-year Bono / 10-year Obli

SPAIN AUCTION PREVIEW

Spain will come to the market this morning to sell E5-6bln of the on-the-run 3/7-year Bonos and 10-year Obli.

  • 0% May-24 Bono: The 3-year Bono was launched in January and this will be the sixth auction of the issue. The last auction on 22 April saw the smallest amount sold to date of E1.79bln, but the second highest bid-to-cover of 2.50x. It was the first time that less than E2bln of the 0% May-24 Bono has been sold.
  • 0% Jan-28 Bono: The 7-year Bono was launched in March with E3.047bln sold with a bid-to-cover of 1.70x and reopened on 8 April for E2.13bln with a bid-to-cover of 1.75x. We expect we may see demand drop off a little in this morning's auction but still expect a strong result.
  • 0.10% Apr-31 Obli: The 10-year Obli was first issued via syndication in January with E10bln sold. It has since been reopened five times via auction with sizes ranging from E1.50-2.23bln. Demand has stayed strong throughout but today's auction will be the biggest test given the weakness in this week's German auctions and rise in both core bond yields and peripheral spreads. The last auction saw E1.94bln sold from bids of E3.15bln with a bid-to-cover of 1.62x.
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