Spain will offer the 0.15%....>

SPAIN AUCTION RESULTS: Spain will offer the 0.15% Nov-23 linker, 0.25% Jul-24

Bono, 0.60% Oct-29 Obli and the 1.85% Jul-35 Obli on Thursday with target sale

of E2.75-4.25bln.

- BACKGROUND: Previous auction results (date, sold, average yield,

bid-to-cover): 0.15% Nov-23 linker (4 July 2019, E0.40bln,-1.04%, 4x), 0.25%

Jul-24 Bono (17 Oct 2019, E0.80bln, -0.22%, 2.62x), 0.60% Oct-29 Obli (17 Oct

2019, E1.2bln, 0.25%, 2.45x), 1.85% Jul-35 Obli (19 Sep 2019, E0.81bln, 0.65%,

1.73x).

- RV/HISTORY: Spanish yields have drifted higher over the past two months in

line with EGBs more broadly. A reduction in perceived recession risks and

emergence of splits within the Governing Council on the need for QE have been

contributing factors. However, long-end spreads over bunds have narrowed

reflecting an improvement in relative credit risk compared to other Southern

European issuers. The 10-year Spanish-German spread has fallen to 63bp from a

September high of 83bp.

- TIMING: Results are due out at 0945 GMT