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Spain will come to market.....>

SPAIN AUCTION PREVIEW
SPAIN AUCTION PREVIEW: Spain will come to market on Thursday for a tap of
E5-6bn. On offer are the 0.0% Jan-25 Bono, 0.60% Oct-29 Obli, 1.85% Jul-35 Obli
and the 1.00% Oct-50 Obli.
- BACKGROUND: Previous auction results (date, volume, average yield,
bid-to-cover): 0.0% Jan-25 Bono (2 Jul 2020, E1.96bn, -0.15%, 1.79x), 0.60%
Oct-29 Obli (21 Nov 2019, E2.15bn, 0.41%, 1.56x), 1.85% Jul-35 Obli (4 Jun 2020,
E1.01bn, 0.95%, 2.43x), 1.00% Oct-50 Obli (7 May 2020, E1.76bn, 1.67%, 1.17x).
- RV/HISTORY: Reflecting broader periphery-core spread compression, SPGB spreads
over bunds have continued to narrow, having compressed sharply since the April
blowout. The ECB's introduction and subsequent expansion of PEPP has been a key
contributor in squeezing out idiosyncratic risk that had undermined SPGBs during
the coronavirus crisis. Spain will again be competing with French issuance at
roughly the same time on Thursday. There will be no significant data releases
ahead of the auction to serve as a potential catalyst for price action, while
the ECB meeting later in the day is widely expected to be a no-event. 
- TIMING: Results are due out around 0945BST
MNI London Bureau | +44 0203-865-3808 | bruce.jeffery@marketnews.com
MNI London Bureau | +44 0203-865-3808 | bruce.jeffery@marketnews.com

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