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Average auction

SPAIN AUCTION RESULTS
  • That was a rather average auction for Spain.
  • The middle of the E5.5-6.5bln nominals target range was sold (E6.053bln).
  • The low price exceeded the pre-auciton mid-price for the new 10-year (which was reopened for the first time after its January syndicated launch) and the 5-year but not the 0.10% Apr-31 Obli.
  • The price of all the nominals is now lower than that of stop price at the auction, but this is in line with a general move lower in EGBs.

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