Spain will re-open the 0.0%...>

SPAIN AUCTION PREVIEW: Spain will re-open the 0.0% Apr-23 Bono, 0.0% Jan-25

Bono, 0.80% Jul-27 Obli, 0.70% Nov-33 ObliEi and the 1.00% Oct-50 Obli for a

combined E5.5-6.5bn target on Thursday.

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

bid-to-cover): 0.0% Apr-23 Bono (16 Apr 2020, E1.97bn, 0.27%, 2.33x), 0.0%

Jan-25 Bono (16 Apr 2020, E1.19bn, 0.41%, 2.35x), 0.80% Jul-27 Obli (24 Mar

2020, E10bn, 0.84%, synd), 0.70% Nov-33 ObliEi (5 Mar 2020, E0.45bn, -0.62%,

1.48x), 1.00% Oct-50 Obli (2 Apr 2020, E1.32bn, 1.57%, 1.17x.)

- RV/HISTORY: SPGBs sold off sharply on Wednesday following an announcement of

increased UST supply from the US and builds on the selling pressure from the

beginning of the week. Spreads over bunds have widened since the beginning of

March and likely reflects the additional economic and fiscal pressures facing

sovereign issuers in the periphery. It will be a heavy day of supply on Thursday

with France also looking to tap the market for E9.5-11.5bn. There is no Spanish

data before the auction to serve as catalyst for price action.

- Results are due around 0945 BST.