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On Tuesday, Spain......>

SPAIN T-BILL AUCTION PREVIEW
SPAIN T-BILL AUCTION PREVIEW: On Tuesday, Spain re-opens 3-month Jan 18, 2019
Letra, and re-opens 9-month Jul 12, 2019 Letra, for a combined E2-3bln.
- RV/HISTORY: At the last sale of 3- and 9- month Letra on September 18, Spain
sold E0.53bln of Dec 7, 2018 (3-month) at average yield -0.485% and cover ratio
5.2x, and E1.47bln of Jun 14, 2019 (9-month), at average yield of -0.386% and
cover ratio 2.9x. Since that time, shorter-dated Letra have outperformed: the
Jan 18 Letra yield has fallen from -0.459% to -0.595%, whereas the Jul 12 Letra
yield has risen from -0.370% to -0.315% (all yield data from Tradeweb).
- CASH FLOW: There are no Spanish Letra redemptions this week.
- TIMING: Results are due shortly after the auction closes (around 0840 GMT).

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