Free Trial

On Dec 5 the Tesoro Publico...>

SPAIN AUCTION PREVIEW
SPAIN AUCTION PREVIEW: On Dec 5 the Tesoro Publico come to market for a combined
E2.5-3.5bln. On offer are the re-opened:0.05% Oct-21 Bono, 0.35% Jul-23 Bono,
and 1.40% Jul-28 Obli. 
- HISTORY: For comparison;
At the last auction of the 0.05% Oct-21 Bono on Nov 8, E1.22bln was allotted at
an average yield of 0.10% with a cover of 2.17x. 
At the last auction of the 0.35% Jun-23 Bono on Nov 8, E1.42bln was allotted at
an average yield of 0.57% with a cover of 1.95x.  
At the last auction of the 1.40% Jul-28 Obli on Nov 22, E1.31bln was allotted at
an average yield of 1.61% with a cover of 1.45x.  
- RV/BACKGROUND: The Spanish curve sold off slightly along with other EGB
peripheries on Dec 4 as Bunds rallied on a broader risk-off appetite. 
The 5-year Bono gained 0.5bps to trade at 0.457%, the 10-year gained 0.2bps to
trade at 1.499%. The 2s10s curve has slightly bear steepened by 0.2bps. 
The 10-year spread Vs BTPs widened on Dec 4 by 1.3bps to 165.8pbs.   
- TIMING: Results will be due shortly after the auction closes at 0945GMT. 

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.