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CONFIRMED: On..........>

SPAIN T-BILL AUCTION PREVIEW
SPAIN T-BILL AUCTION PREVIEW: CONFIRMED: On Tuesday the Tesoro Publico will look
to tap both the 6-month Aug 16 2019, and 12-month Feb 14 2020 Letras for a
combined total of E9.0bln. 
- HISTORY: For comparative purposes, the last auction for the bills are below: 
 6-month Letra: average yield -0.40%, cover 7.65x, on 04/12/18.   
12-month Letra: average yield -0.32%, cover 2.00x, on 04/12/18.  
- BACKGROUND: Despite the Spanish economy holding strong against a backdrop of
poor Eurozone data in recent weeks, spreads Vs bunds are widening. This is due
to domestic unrest over the minority government plans to hold talks with Catalan
separatist, and has lead to the Government considering the possibility of early
elections.  
The Euribor strip saw smaller moves in the front end on Monday, Whites unchanged
on the day, Reds flat to 1 ticks lower, Greens 1.5-2.5 ticks lower and Blues
2.5-3 ticks lower.
- TIMING: Results will be due shortly after the auction closes at 0945GMT. 

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