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Free AccessOn 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.
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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.