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New 50-year Oct-71 Obli syndication

SPAIN AUCTION PREVIEW
  • Spain will come to the market for its second syndication of 2021 to sell the new 50-year Oct-71 Obli. We expect the transaction to take place today.
  • Last year's longest-dated syndication was the launch of the 1.00% Oct-50 bond, but this was in February before books sizes started to increase substantially. Even so this was a respectably sized E5bln transaction with books in excess of E18bln.
  • The current longest outstanding Obli is the 3.45% Jul-66 which was sold via auction twice in 2020. Including second rounds, E1.50bln and E1.54bln was sold in May and October respectively. However, bid-to-covers were not that high at 1.11x and 1.27x.
  • We look for a transaction size of E4-8bln.
  • Timing: Books are normally confirmed as opening between 8:15-8:30GMT. Spreads generally get set around 10:15-10:30GMT. The 10-year syndication in January was not priced until shortly before 18:00GMT. However, the couple of Spanish syndications before that have priced around 16:10-16:20GMT. Syndications earlier in 2020 priced earlier in the day, so we could get the final pricing announcement anywhere between 14:45-18:00GMT.
  • Bookrunners: BBVA, Citi, Credit Agricole CIB, J.P. Morgan, Nomura and Santander.
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