On Nov 20 the Tesoro...>

SPAIN T-BILL AUCTION PREVIEW: On Nov 20 the Tesoro Publico comes to market for a

combined E2.5bln-E3.5bln. On offer are the re-opened 3-month Feb 15, 2019 Letra

and the re-opened 9-month Aug 16, 2019 Letra.

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

allotted:

- E0.53bln of the 3-month Letra at an average yield of -0.487% with a cover of

5.19x. 

- E1.47bln of the 9-month Letra at an average yield of -0.390% with a cover of

2.87x. 

RV/BACKGROUND: The Spanish benchmark 2-year currently trades at a yield of

-0.130%, up 0.5bps having traded broadly flat across the day of Nov 19. The 2s5s

has slightly bull steepened 8.7bps. 

The current spread of 10-year Spanish bonds Vs Bund is down 0.2bps at 126.7bps. 

TIMING: Results will be due shortly after the auction closes at 1040GMT.