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5y Bono and 7/15/20y Oblis

SPAIN AUCTION PREVIEW

Spain will sell up to E5.5-6.5bln of Bonos/Oblis today.

  • 0% Jan-26 Bono: This will be the fourth auction of the benchmark 5-year Bono which was launched in October and most recently auctioned 2 weeks ago. It has enjoyed healthy bid-to-covers of 2.23x, 2.00x and 3.51x respectively, leaving E4.87bln of the issue currently outstanding.
  • 0.80% Jul-27 Obli: This issue was launched via syndication for E10bln in March and has since been reopened via auction five further times. The last auction in November saw less than E0.5bln allocated despite bids of over E3.5bln. In September around E1bln was issued and the three prior auctions saw E1.8-2.0bln sold.
  • 1.85% Jul-35 Obli: The 1.85% Jul-35 Obli was sold via auction five times in 2020, most recently in September. The amount bid for in each auction rose last year, from E1.9bln at in January 2020 to E3.1bln in September. We expect continued strong demand today.
  • 1.20% Oct-40 Obli: This will be only the second auction of the benchmark 20-year Obli which was launched for E12.0bln in June and reopened for E1.36bln in November. Demand for the issue has been decent with a book size of E78bln in the syndicated launch and a bid-to-cover of 2.01x in November. We expect continued strong demand today.
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