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Free AccessOn Thursday, Spain re-opens...>
SPAIN AUCTION PREVIEW: On Thursday, Spain re-opens 0.05% Oct-21 Bono, 0.25%
Jul-24 Obli, and 1.85% Jul-35 Obli for a combined E3-4bln.
- HISTORY: All three bonds have been sold at auctions within the past month.
June 6 saw the sale of both the Oct-21 (-0.36% yield and 2.60x bid-to-cover) and
the 5-Yr Spanish benchmark Jul-24, (-0.10%, 2.55x). The Jul-35 is the 15-Yr
benchmark, last tapped on May 23 (1.47%, 1.26x).
- BACKGROUND/RV: ECB President Draghi's comments Tuesday that the PSPP limit
could be changed and that rate cuts were possible as a policy option flattened
the Spanish curve, with long end yields coming down swiftly. Relevant to issues
at this auction, the 2s/15s spread is touching the 2016 lows at 134.3bps, down
around 60bps in the past month. This is due to a combination of factors,
including Draghi, as well as falling periphery EGB risk premia which has
benefited the long end. The 10-Yr Spain/German spread is down 30bps in the last
month at under 70bps for the first time since April 2018. This auction will help
test any exhaustion after such extensive long-end outperformance.
- TIMING: Results are due shortly after the auction closes at 0945BST.
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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.