On Jan 22 the..........>

SPAIN T-BILL AUCTION PREVIEW: On Jan 22 the Spanish Tresor come to market

looking for a combined E1.0-2.0bln, on offer are the 3-month Jun 14 2019, and

9-month Dec 6 2019 Letras. 

- HISTORY: For comparison at the last last auction of the 3 and 9-month Letras

on Dec 11 2018: 

E0.26bln was allotted in 3-month bills, average yield -0.51%, cover 7.55x. 

E0.74bln was allotted in 9-month bills, average yield -0.38%, cover 4.39x. 

- RV/BACKGROUND: Spanish auctions have been well bid across the past month with

periphery bills & bonds benefitting from strong EGB syndications at the start of

2019. 

The Spanish budget for 2019 was finally released last week with a larger than

expected decline in issuance expected to to put upward price pressure on Spanish

paper across the curve. 

The 3-month Jun 14 Letra currently trades at a yield of -0.42%, the 9-month Dec

6 at -0.35%. The Euribor strip has remained largely flat since the week open. 

- TIMIMG: Results are due shortly after the auction closes around 0930GMT.