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SPAIN AUCTION PREVIEW

Tesoro Publico will look to sell E5.5-6.5bln of the following Oblis at its auction on Thursday:

  • 1.45% Apr-29 Obli (ISIN: ES0000012E51)
  • 0.10% Apr-31 Obli (ISIN: ES0000012H41)
  • 3.25% Apr-34 Obli (ISIN: ES0000012M85)

They will also look to sell E250-750mln of the 2.05% Nov-39 Obli-Ei (ISIN: ES0000012M69)


The lack of any nominal bonds with a maturity longer than 10-years makes us more confident we will see another Spanish syndication soon. Most likely would be a new 30-year Oct-54 Obli for E5-7bln. We pencil in a possible launch in the W/C 5 February.

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