On Dec 11 the Tesoro...>

SPAIN T-BILL AUCTION PREVIEW: On Dec 11 the Tesoro Publico will tap the market

for a combined E0.5-1.5bln. On offer are the 3-month Mar 8, 2019 Letras and

9-month Sep 17, 2019 Letras. 

- HISTORY: For comparison at the last auction of the Letras on Nov 20: 

E0.54bln of the 3-month Letras was allotted, average yield of -0.604%, cover of

3.95x. 

E2.49bln of the 6-month Letras was allotted, average yield of -0.349%, cover of

2.43x.  

- RV/BACKGROUND: The Euribor curve shifted around 0.5 ticks lower on Dec 10, in

line with White and Red Eurodollar contracts. Eurodollar Greens and Blues rose

around 0.5 ticks higher as the week began on fairly quiet footing.

A brief word on the wider Spanish political landscape: Last Sunday saw the break

through of the far-right Vox party in Andalucia, they become the first far-right

party to gain a seat in the Spanish parliament since the Franco era.      

- TIMING: Results will be due shortly after the auction has closed at 0935GMT.