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5-year Bono and 8/15-year Oblis

SPAIN AUCTION PREVIEW
MNI (London)
  • On offer today: A combined E4-5bln of the 5-year Bono and 8/15-year Oblis.
    • 0% Jan-27 Bono (ISIN: ES0000012J15)
    • 1.95% Jul-30 Obli (ISIN: ES00000127A2)
    • 0.85% Jul-37 Obli (ISIN: ES0000012I24)
  • Market colour: 5-year Bono yields are up around 245bp since the beginning of the year, currently around 20bp below the June 14 high of 2.548%. 8/15-year Obli yields have followed similar trajectories, both increasing around 240bp and 230bp since the beginning of the year to stand at 2.597% and 3.714% respectively at the time of writing. The key break seen in yields increasing was the late February to early March dip, which saw 45bp, 35bp and 30bp falls for the 5/8/15-year Spanish bonds.
  • 5-year Bono spreads to the 0% Apr-27 Bobl widened around 57bp from the beginning of the year to the June 14 high, and have since dropped back 14bp to 87.3bp.
  • Timing: Results will be available shortly after the auction closes at 930 BST / 1030 CEST.

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