-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessSpain taps E3.0-E4.0bln of....>
SPAIN AUCTION PREVIEW: Spain taps E3.0-E4.0bln of SPGB 0.05% Jan-21, SPGB 2.15%
Oct-25 and SPGB 4.7% Jul-41 alongside E0.5-1.0bln of SPGBei 0.65% Nov-27.
- BACKGROUND: It is a fairly liquid time of the year and on Wednesday, there
were E19.5bln of Spanish redemptions and Thursday sees a E22bln BTP payment.
Usually, Spain issues a quantity somewhere close to the middle of pre-announced
ranges.
- RV/HISTORY: The 10Y Bund-Bonos spread has collapsed to 73bp, its lowest spread
since April 2010 and within the periphery, it has outperformed Italy by 35bp
since mid-December (helped by a Fitch upgrade on Jan 19). Spain's 10Y yield is
now almost equidistant between Germany and Italy. Switching from other Spanish
bonds might determine the success of Thursday's auction. The 2-3Y sector of the
curve has steepened slightly to help the 0.05% Jan-21 line. However, the 5-7Y
spread has flattened dramatically (see SPGB 0.455 Oct-22 vs SPGB 2.15% Oct-25)
and will limit small extension trades into this auction. The 2041 is an
off-the-run and will be a primary dealer request but it's not a cheap security.
- RESULTS: Auction bidding closes at 0930GMT with results around 0940GMT
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.