On Nov 13 the Tesoro...>

SPAIN T-BILL AUCTION PREVIEW: On Nov 13 the Tesoro Publico come to market for a

combined E4.0bln-E5.0bln. On offer are the re-opened 6-month May 10, 2019 Letra

and the new 12-month Nov 15, 2019 letra. 

- HISTORY: At the last auction of the 6/12-month Letras on Oct 9, Spain allotted

E0.71bln of the 6-month at an average yield of -0.434% with a bid-to-cover ratio

of 4.7x, and E3.896 of the 12-month at an average yield of -0.292% with a

bid-to-cover ratio of 1.89x. 

- RV/BACKGROUND: Spanish government bonds traded sideways in a relatively tight

range during the Nov 12 morning session but but sold off in the afternoon. The

10-year yield has surged to 1.593% from a daily low of 1.582%.

- TIMING: Results are due shortly after the auction closes at 0940GMT.