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Mixed auction

SPAIN AUCTION RESULTS
  • It was a mixed Spanish auction. Close to the full amount on offer was sold E6.44bln vs a target of E5.5-6.5bln. And the stop price for all Bonos/Oblis sold was above the pre-auction mid-price. These are both positives.
  • However, the volume of bids was a bit disappointing. These fell for the 5/15-year Oblis, were in line with the previous auction for the 30-year Obli but on a smaller size sold, and only increased on the 3-year due to the smaller amount sold today.

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