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New 3-year Bono / 10/15-year Oblis / 5-year Obli-Ei

SPAIN AUCTION PREVIEW
MNI (London)
  • Spain will come to the market this morning to launch the new 3-year Bono and reopen the 10/15-year Oblis for a total nominal of E5.0-6.0bln. The 5-year Obli-Ei will also be reopened for E250-750mln.
  • On offer will be:
    • 0% May-25 Bono.
    • 0.70% Apr-32 Obli. ISIN: ES0000012K20
    • 4.20% Jan-37 Obli. ISIN: ES0000012932
    • 0.65% Nov-27 Obli-Ei. ISIN: ES00000128S2
  • Auction history: The 0% May-25 Bono will be launched today to replace the on-the-run 0% May-24 Bono (ISIN: ES0000012H33). The previous benchmark 3-year Bono was launched via conventional auction on Jan 7 2021, issuing E2.583bln at an average yield of -0.501% and a bid-to-cover of 1.85x. The bono has since been reopened nine times, with auction sizes ranging between E1.12-E2.29bln. The most reopening was on January 5 2022, where E1.39bln was issues for an average price of 0.392% and a bid-to-cover of 2.14x.
  • Today’s auction will see the first reopening of the 0.70% Apr-32 Obli, which was launched via syndication on January 11, issuing E10.0bn from books of E63bln. The previous 10-year benchmark the 0.50% Oct-31 Obli saw a small auction in December of E899mln with a bid-to-cover of 2.07x with the four auctions prior to that sized between E1.32-2.05bln and seeing bid-to-covers of 1.32-1.43x.
  • The 4.20% Jan-37 Obli will also be reopened at auction today. The most recent reopening was on July 15, 2021, where E1.03bln was issued at an average yield of 0.673% and bid-to-cover of 1.52x.
  • The 5-year 0.65% Nov-27 Obli-Ei has been tapped six times over the last three years, seeing issuance around the E500mln mark. The last two reopening of the linker were on Jan 5, 2022 and June 3 2021. The January auction sold E558mln at an average yield of -1.704% and bid-to-cover of 1.99x, whilst the 2021 auction saw a slightly smaller nominal of E511mln sold for an average yield of -1.383%, resulting in a bid-to-cover of 1.74x.
  • Timing: Results will be available shortly after the auction closes at 9:30GMT / 10:30CET.
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