3y Bono, 10/26y Oblis

On offer today: A combined E5-6bln of Bonos and Oblis:

• 0% May-25 Bono (ISIN: ES0000012K38)
• 5.75% Jul-32 Obli (ISIN: ES0000012411)
• 2.70% Oct-48 Obli (ISIN: ES0000012B47)
• Market colour: Spanish yields have rebounded strongly after early-March falls due to the shock of the onset of the Ukraine war. Bono yields dipped to -0.056% and have since risen 82bp. They have traded in a 0.727-0.856% range since 11 April, moving to the top of the range earlier this morning after hawkish comments from ECB's Wunch and de Guindos. The Jul-32 Obli fell to 0.750% and has since grown to 1.684%, whilst the Oct-48 Obli dipped to 1.515% and has risen to 2.241%.
• Bono spreads to Bunds widened around 13bp in the last three weeks, whilst long maturity Obli spreads narrowed 13bp in the first week of April, recovering 5bp over the last week. The 2y-10y curve is currently trading around 142bp, substantially higher than the March 1st 114bp low, albeit below the Feb 11th 151bp-mark.
• Timing: Results will be available shortly after the auction closes at 0930 BST / 1030 CEST.