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MT/LT Oblis & Obli-Ei

SPAIN AUCTION PREVIEW
MNI (London)

On offer today:

  • A combined E4-5bln of Oblis:
    • 6.00% Jan-29 Obli (ISIN: ES0000011868)
    • 2.55% Oct-32 Obli (ISIN: ES0000012K61)
    • 1.00% Oct-50 Obli (ISIN: ES0000012G00)
  • E250-750mln of the 1.00% Nov-30 Obli-Ei (ISIN: ES00000127C8)
  • Market colour: 6.00% Jan-29 Obli yields are currently around 2.688%, 32bp below the Sep 28 high.
  • 10-year Obli yields rose around 28bp since Monday, and are currently at approx. 3.243%, 30bp lower than the Sep 28 high. 1.00% Oct-50 Obli yields are around 3.602%, up around 44bp from the Tuesday dip and edging back up towards the Sep 28 high of 3.735%.
  • The 1.00% Nov-30 Obli-Ei yields are currently around 0.762%, 22bp narrower than the Sep 30 peak.
  • 10-year Obli spreads to the Bund were around 119.6bp at the time of writing, 3bp below the Sep high of 122.1bp. 1.00% Oct-50 Obli spreads to the Bund are at a current 3-month high of approx. 158.0bp.
  • Linker breakevens to the 1.25% Oct-30 Obli were around 219.6bp at the time of writing, having widened around 19bp Monday's low.
  • Timing: Results will be available shortly after the auction closes at 0930 BST / 1030 CEST.
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