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New 10-year syndication

SPAIN AUCTION PREVIEW
  • Spain has announced that it will launch a new 10-year Apr-31 Obli via syndication in the "near future". We expect the transaction to take place today.
  • 2020 saw two syndicated launches of 10-year Oblis. January saw E10bln raised in a 10-year syndication (0.50% Apr-30) with books in excess of E53bln. April saw record books of E97bln with E15bln of the 1.25% Oct-30 Obli.
  • We would expect the transaction to be sized in the E10-15bln range.
  • Timing: Books are normally confirmed as opening between 8:15-8:30GMT. Spreads generally get set around 10:30GMT. The past couple of Spanish syndications have priced around 16:10-16:20GMT. However, syndications earlier in 2020 priced earlier in the day, so we could get the final pricing announcement anywhere between 14:45-16:30GMT.
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