On Nov 22 the Tesoro..........>

SPAIN AUCTION PREVIEW: On Nov 22 the Tesoro Publico taps the market for a

combined E2.5bln-E3.5bln, selling the reopens of the: 0.45% Oct-22 Bono, 1.40%

Jul-28 Obli, and 2.35% Jul-33 Obli. 

- HISTORY: For comparison at the last auction of the 0.45% Oct-22 Bono on Sep

20, 2018; E0.88bln was allotted, average yield of 0.19%, cover of 2.60x. 

At the last auction of the 1.40% Jul-28 Obli on Oct 18, 2018; E1.31bln was

allotted, average yield of 1.65%, cover of 2.07x. 

At the last auction of the 2.35% Jul-33 Obli on Jul 19, 2018; E1.09bln was

allotted, average yield of 1.80%, cover of 1.37x. 

- RV/BACKGROUND: SGBs rallied Nov 21, yields fell through the 2-year to the

30-year as the Italian budget took centre stage. 

2-yr yield is down 0.7bps at -0.121%. The 2s10s has flattened by 1bps with 10-yr

yield trading at 1.641%. The belly has outperformed with the 15-yr dropping

2.3bps to trade at 1.320%. 

Friday sees the Eurozone Nov Composite PMI, Oct PMIs pointed to a slowdown. 

- TIMING: Results will be due shortly after the auction has finished at 0845GMT.