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3/7-year Bonos / 15-year Obli

SPAIN AUCTION PREVIEW

Spain will come to the market tomorrow to sell a combined E5-6bln of on-the-run 3/7-year Bonos and 15-year Oblis.

  • 0% May-24 Bono: The 3-year Bono was launched in January and this will be the seventh auction of bond. The last auction on 20 May saw the smallest volume of bids since the launch, but the E3.063bln was still enough to achieve a bid-to-cover of 1.78x and then saw a further 20% taken up in the non-competitive round. The last three auctions have seen the average price at auction around 0.04% above the prevailing mid-price.
  • 0% Jan-28 Bono: The 7-year Bono was launched in March and this will be the fourth auction. Bids have decreased from E5.17bln at launch to E3.73bln in April and E2.98bln in May, but the bid-to-cover has been consistently in the 1.70-1.78x range. Average prices at auction have been 0.089% and 0.083% respectively above pre-auction midprices at the last two auctions.
  • 0.85% Jul-37 Obli: The will be the first auction of the long 15-year Obli that was launched via syndication in April. E6.0bln was sold from books of E42bln. The previous 15-year on-the-run issue (the 1.85% Jul-35 Obli generally saw bids of E1.8-3.1bln via auctions.
  • Timing: Results will be available shortly after the auction closes at 9:30BST.
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