On Tuesday the.........>

SPAIN T-BILL AUCTION PREVIEW: On Tuesday the Tesoro Publico will tap the market

for E0.5bln-E1.5bln, on offer are the 3-month May 10 2019, and 9-month Nov 15

2019 Letras. 

- HISTORY: The results of the last auction of the above bills are listed below: 

3-month Letra: average yield -0.51%, cover 7.55x, on 11/12/2018. 

9-month Letra: average yield -0.38%, cover 4.39x, on 11/12/2018.  

- BACKGROUND: Spanish yields have grinded lower across the curve this year as

the Spanish economy continues to outperform it's European peers. 

Political instability remains in Spain, on Friday a snap general election was

called for Apr 28, however this offers little market risk with the likely

candidates all market friendly.

The 3-month bill currently trades at a yield of -0.415%, whilst the 9-month bill

trades at -0.354%.    

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