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5-year Bono, 6/20-year Oblis, Nov-27 Obli-Ei (2/2)

SPAIN AUCTION PREVIEW
  • 1.20% Oct-40 Obli: The 20-year benchmark was launched via syndication in June for E12bln (books of E78bln) and has since been reopened in November (E1.36bln sold, bid-to-cover of 2.01x) and January (E1.75bln sold, bid-to-cover of 1.30x). Yields are considerably higher than the 0.619% acheived at the January auction but are around 15bp of the peak of around 1.30% seen just over a couple of weeks ago.
  • 0.65% Nov-27 Obli-Ei: This will be the first auction of 2021 for the 0.65% Nov-27 Obli-Ei that was originally launched in 2016 as the 10-year linker benchmark. That auction saw E482mln sold with a bid-to-cover of 1.92x. With inflation very much a market talking point at present, we expect to see strong demand at today's auction.
  • Timing: Results will be available shortly after the auction closes at 9:30BST.
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