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Free AccessSpain taps 3-year 0.05% Jan...>
SPAIN AUCTION PREVIEW: Spain taps 3-year 0.05% Jan 2021 Bono, 10-year 1.40% Apr
2028 SPGB and 50-year 3.45% July 2066 SPGB for between E3.5-E4.5bln Thursday.
Spain also re-open 3-yr 0.30% Nov 2021 Bono linker for between E0.5-E1.0bln
- BACKGROUND: Curve have steepened in last couple of weeks but Spanish bonds
remain close to tightest level vs German Bunds. Spain redemption of E16.82bln
and coupons of E5.33bln are seen helping though.
- RV/HISTORY: 10-yr Spanish debt has cheapened versus the German Bund in the
last few days and is currently seen at 73.4bps having hit ytd low of 64.4bps
last week. The 2-10Y section of the Spanish curve has steepened by circa 6.5bps
after hitting tightest level 2-weeks ago. While the 10-50Y has steepened by
around 4bps in the same time, which might help the bid for the 2066 Bond. The
Jan-21 was last sold at a yield of -0.23% and cover 3.08x, the Apr-28 yielded
1.24% and cover 1.3x and the Jul-66 yielded 3.19% and cover 1.54x. The Nov-21
Bonoei is being tapped for first time this year, but has sharply outperformed
Jul-21 Bono since March but remains mid-range vs 2-yr BTPei.
- RESULTS: Auction bidding closes at 0830GMT with results around 0840GMT
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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.