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Spain 10y Oct-31 Obli preview

EGB SYNDICATION
  • Spain will come to the market "in the near future" (we expect today) to launch a new 10-year Oct-31 Obli via syndication.
  • This will be the fourth Spanish syndication of the year, following the 10-year 0.10% Apr-31 Obli in January where E10bln was issued (with books of E55bln), the 50-year 1.45% Oct-71 Obli in February where E5bln was issued (with books of E65bln) and the 15-year 0.85% Jul-37 Obli in April where E6bln was issued (books E42bln).
  • We would expect today's transaction to be similarly sized to the last 10-year syndication in January and look for a size of around E10bln.
  • Bookrunners: Barclays, BBVA, Citi, Credit Agricole, JP Morgan, and Morgan Stanley.
  • Timing: Books typically open between 8:15-8:30 with an update typically around 9:30 before spreads are set between 10:00-10:35. Books close generally at 11:00 with pricing between 14:55-16:45. All times are UK.
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