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, 0.50% Apr-30 Obli, and the 1.85% Jul-35 Obli for E6-7bn. The 0.15% Nov-23

BonoEi will also be tapped for E0.5-1.0bn.

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

bid-to-cover): 0.0% Apr-23 Bono (7 May 2020, E1.4bn, 0.04%, 2.78x), 0.0% Jan-25

Bono (21 May 2020, E1.75bn, 0.05%, 1.82x), 0.50% Apr-30 Obli (2 Apr 2020,

E1.18bn, 0.65%, 2.01x), 1.85% Jul-35 Obli (16 Apr 2020, E1.14vn, 1.19%, 1.83x),

0.15% Nov-23 BonoEi (7 Nov 2020, E0.57bn, -1.06%, 2.91x).

- RV/HISTORY: Despite trading lower this week, SPGBs have broadly rallied over

the past month and spreads over bunds have narrowed. The 10-year SPGB-Bund

spread has narrowed to 96bp from a YTD high of 155bp on April 22. The ECB's new

PEPP, alongside a raft of monetary easing measures delivered in recent months,

has contributed to the reduction in perceived credit risk. Speculation of a

further increase in PEPP at this week's ECB meeting will be supportive for SPGBs

heading into the Thursday auction.

- TIMING: Results are due around 0945BST.