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Spain will auction............>

SPAIN AUCTION PREVIEW
SPAIN AUCTION PREVIEW: Spain will auction securities next Thursday but will
announce the securities involved tomorrow.
- There is a little more attention on the auction announcement than usual
because the early July auction saw the Nov-30 linker go technically uncovered
i.e. there were only E0.856bln of bids relative to the indicative range of
E0.5-1.0bln. So, the choice of linker might produce more auction concession than
usual.
- Best guesses are that given the tepid demand last month, it is unlikely that
Spain's Tesoro will issue a linker above 10Y.

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