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SPAIN AUCTION PREVIEW

Spain has announced that it will sell E4.0-5.0bln of the following Oblis on Thursday:

  • 2.15% Oct-25 Obli (ISIN: ES00000127G9)
  • 0.80% Jul-29 Obli (ISIN: ES0000012K53)
  • 3.55% Oct-33 Obli (ISIN: ES0000012L78)
The auction size is slightly lower than the expectations we set out last week, but we have since had the announcement of the 15-year ObliEi syndication (that we expect tomorrow). So despite the smaller auction, this week's Spanish issuance in total is likely to be higher than we had previously pencilled in.
Spain also announced that it will sell E1.5-2.5bln of the following letras tomorrow:
  • 3-month Jan 12, 2024 letras (ISIN: ES0L02401120)
  • 9-month Jul 5, 2024 letras (ISIN: ES0L02407051)

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