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Relatively weak auction

SPAIN AUCTION RESULTS
  • The top of the E5.6-6.5bln target range of nominal Oblis was sold (E6.503bln).
  • However, bid-to-covers were relatively weak for the 6-year Obli as well as the 50-year Obli and average for the 10-year Obli.
  • The stop out price was also below the pre-auction mid-price for the 6/50-year Oblis (as well as the 5-year ObliEi).
  • Overall, a relatively weak auction.

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