On Thursday Spain re-opens....>

SPAIN AUCTION PREVIEW: On Thursday Spain re-opens 0.05% Jan-21 Bono, 0.45%

Oct-22 Bono, 1.60% Apr-25 Obli, and 1.40% Jul-28 Obli for total E4.0-5.0bln.

- HISTORY: The Jan-21 Bono was last sold Aug 2, at -0.15% yield and 1.60x cover.

The Oct-22 Bono was last sold Apr 19 at 0.19% yield and 1.32x cover. The Apr-25

Obli was last sold June 21 at 0.70% yield and 1.80x cover. The Jul-28 was last

sold Sep 6 at 1.43% yield and 1.41x cover.

- RV: Since the beginning of September, Spanish yields have risen sharply along

with a downturn in the global bond market. Most of the pain has been

concentrated in the belly of the curve, with 3-4 Year yields up around 6.5bps.

This is compared with 5.9bps increase for the 2-Yr, and 4.0bps for the Jul-28

Obli, which is the Spanish 10-Yr benchmark. The Italian bond rally and Spanish

sell off mean the 10-Yr BTP yield has come in 45bps vs Oblis since Sep 1, at

132.4bps, though still well up from 50bps in early May. Versus Bunds, the

Spanish 10-Yr spread has narrowed from 114bps to 104bps this month, but still up

from 72bps in early May.

- TIMING: Results are due shortly after the auction closes (around 0835GMT).