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SPAIN T-BILL AUCTION PREVIEW: On Tuesday the Tesoro Publico will look to tap
both 6-month, and 12-month Letras for a combined total expected to be in the
region of E3.0-4.0bln.
- HISTORY: For comparative purposes, the last auction for the bills are below:
6-month Letra: average yield -0.40%, cover 7.65x, on 04/12/18.
12-month Letra: average yield -0.32%, cover 2.00x, on 04/12/18.
- BACKGROUND: Despite the Spanish economy holding strong against a backdrop of
poor Eurozone data in recent weeks, spreads Vs bunds are widening. This is due
to domestic unrest over the minority government plans to hold talks with Catalan
separatist, and has lead to the Government considering the possibility of early
The Euribor strip saw smaller moves in the front end on Monday, Whites unchanged
on the day, Reds flat to 1 ticks lower, Greens 1.5-2.5 ticks lower and Blues
2.5-3 ticks lower.
- TIMING: Results will be due shortly after the auction closes at 0945GMT.