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Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: - G10 MarketsG10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI Podcasts - Emerging MarketsEmerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
- CommoditiesCommodities
Real-time insight of oil & gas markets
- CreditCredit
Real time insight of credit markets
- Data
- MNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
- About Us
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Free AccessSpain taps E3.0-E4.0bln of....>
SPAIN AUCTION PREVIEW: Spain taps E3.0-E4.0bln of SPGB 0.05% Jan-21, SPGB 1.45%
Oct-27 and SPGB 5.75% Jul-32 on Thursday.
- BACKGROUND: On the political front the Catalan elections are due to be held 21
Dec. This may add to the concerns that maybe be existing in the market at this
point. Italian debt is also weak. On the positive side there are usually French
OATs being auctioned, but are absent on Thursday.
- RV/HISTORY: The spread BTP 0.2% Oct-20 vs SPGB 0.05% Jan-21 shows 3.8bp
advantage for Spain, following a strong Italian outperformance. More
importantly, is that the 2-3Y area of Spain has steepened; see SPGB 0.25% Jan-19
vs SPGB 0.05 Jan-21. The steepness of the Spanish curve extends also further up
and the spread between the CTD into the Mar-18 Spanish bond future (1.3% Oct-26)
and the SPGB 1.45% Oct-27 is at its highest since September.
- The average 6 auction averages for 1-4Y bonds, like the Jan-21 is 2.5x, for
10Y bonds is 1.8x and for 10Y+ bonds is 1.5x.
- RESULTS: Auction bidding closes at 0930GMT with results around 0940GMT
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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.