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Free AccessSpain sells two nominal.......>
SPAIN AUCTION PREVIEW: Spain sells two nominal bonds for a total of between
E2.5-3.5bln Thursday, 0.05% Oct-21 Bono and 1.45% Apr-29 Obli, as well as one
linker for between E0.25-0.75bln: 0.65% Nov-27 BonoEi.
- HISTORY: The 3-Yr benchmark Oct-21 last sold on Mar 21 at average yield of
-0.18% and cover of 2.06x. The 10-Yr benchmark Apr-29 also sold on Mar 21,
receiving 1.10% yield and 1.55x cover. Looking further back, the Nov-27 linker
was previously auctioned in July 2018.
- RV: Even with a risk-on rally on Wednesday Apr 3, Spanish spreads remain much
wider than month-earlier levels vs German Bunds. At 113bps, the 10-Yr spread is
off the 3-month high of 117bps at the beginning of the week, but just a few
weeks ago this was below 100bps. The risk off move since the Mar 21 auction on
the back of weak European economic data and Brexit fears means Bonos/Oblis have
weakened across most of the curve. But the 10-Yr has underperformed, with yields
up 4bps, vs the 3-Yr yield being down 4.8bps. A concurrent France 10-Year sale
Thursday could potentially weigh from a supply perspective.
- TIMING: Results are expected around 0945BST.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.