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SPAIN AUCTION PREVIEW: Spain will come to market on Thursday for a tap of
E2.75-4.25bln. On offer are the 0.65% Nov-27 linker for E0.25-0.75bln and the
0.60% Oct-29 Obli and the 2.70% Oct-48 Obli for a combined E2.5-3.5bln.
- BACKGROUND: Previous auction results (date, sold, average yield,
bid-to-cover): 0.65% Nov-27 linker (Apr 4, E0.52bln, -0.34%, 2.3x), 0.60% Oct-29
Obli (Sep 19, E1.08bln, 0.21%, 2.3x), 2.70% Oct-48 Obli (Aug 1, E1.34bln,
- RV/HISTORY: SGB yields have inched higher over the past week, and the curve
has bear steepened. Trading relative to the comparable EUR swap: 0.60% Oct-29
Obli (+29.6bp), 2.70% Oct-48 Obli (+100.3bp). The Services and Composite PMIs
for September will be published ahead of the auction which could present some
headline risk following the weaker-than-expected final Q2 GDP print and
preliminary September CPI released earlier in the week.
- TIMING: Results are due around 0945GMT.