On Thursday, Spain taps the...>

SPAIN AUCTION PREVIEW: On Thursday, Spain taps the 0.35% Jul-23 Bono, 1.40%

Jul-28 Obli, 5.75% Jul-32 Obli, and 2.90% Oct-46 Obli for a total E4-5bln.

- BACKGROUND: So far Spain has met 91% of planned issuance for 2019 compared to

the 85% eurozone average.

- HISTORY: The Jul-23 Bono was last sold Sep 18 at 0.41% yield and 1.698x cover.

The Jul-28 Obli was last sold Oct 18 at 1.54% yield and 2.384x cover. The Jul-32

was last sold Dec 17 at 1.95% yield and 1.564x cover. The Oct-46 was last sold

Jan 18 at 2.69% yield and 1.399x cover. 

- RV: Spanish yields had been rising sharply since September alongside the

global bond market downturn, the 10-Yr benchmark Jul-28 Obli reaching a one-year

yield high of 1.679% on Monday. This week they have fallen off that mark but

geopolitical uncertainty including Brexit and the Italian budget remain. Versus

Bunds, the Spanish 10-Yr spread has remained flat since the yield high at around

117bps, but still way above the 72bps in early May before the uncertainty over

Italy spread to EGB periphery yields.

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