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4/8/10/30-Year Oblis

SPAIN AUCTION PREVIEW
MNI (London)
  • On offer today: E4-5bln of Oblis
    • 5.9% Jul-26 Obli (ISIN: ES00000123C7)
    • 1.00% Nov-30 Obli-Ei (ISIN: ES00000127C8)
    • 2.55% Oct-32 Obli (ISIN: ES0000012K61)
    • 1.90% Oct-52 Obli (ISIN: ES0000012K46)
  • Market colour: 4-year Obli yields rose around 120bp from the beginning of May to the June 16 high of 2.322% and have since fallen back around 105bp, whilst the 8-year Obli saw a stronger 203bp increase in yields to the June 20 high of 0.882 and have since decreased around 93bp off this high.
  • 10-year yields increased 94bp from the early June launch to the mid-June high of 3.216%, and are back about 80bp, compared to the 30-year yields rose 80bp from the beginning of June to the mid-month high and are now a softer 47bp lower than the peak.
  • 4-year spreads to the Bobl widened around 26bp in the second week of June to a peak of 79.5bp, narrowing again around to approx. 55bp around the 17th of June and since hovering around this level.
  • 8-year spreads to the Bund saw a more gradual wideneing over March and April of around 100bp to the mid-April peak of approx.. 200.4bp and have since narrowed again back to early March levels.
  • Timing: Results will be available shortly after the auction closes at 9:30 BST / 10:30 CEST.

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