On Thursday the Publico.......>

SPAIN AUCTION PREVIEW: On Thursday the Publico Tesoro will come to market for

E3.5-4.5bln. On offer are the 0.05% Oct-21 Bono, 0.35% Jul-23 Bono, and 1.45%

Apr-29 Obli. 

- HISTORY: Results of the last auction of the above bonds are listed below:

0.05% Oct-21: average yield -0.09%, cover 3.86x, on 07/02/19. 

0.35% Jul-23: average yield  0.29%, cover 1.68x, on 17/01/19. 

1.45% Apr-29: average yield  1.46%, cover 4.65x, on 22/01/19.

- BACKGROUND: The recent strength of the Spanish economy relative to it's

European peers has helped attract a record E40bln of foreign investment in nine

months, according to a report from Spain's Office of the State Secretary for

Trade. Despite the increase in investment within Spain, the sovereign yield

curve continues to flatten with global growth concerns weighing. The current

2s10s spread trades at 137bps, down 4.5bps on the week and 19.5bps on the month.

The current 2yr benchmark trades at a yield of -0.180%, the 5yr at 0.197%, and

10yr at 1.207%.   

- TIMING: Results are due shortly after the auction closes at 0945GMT.