Spain will seek to raise......>

SPAIN AUCTION PREVIEW: Spain will seek to raise E5.75-7.25bn on Thursday from

the sale of the 0.0% Jan-25 Bono, 0.80% Jul-27 Obli, 1.25% Oct-30 Obli and the

1.0% Nov-30 ObliEi.

- BACKGROUND: Previous results (date, volume, average yield, bid-to-cover): 0.0%

Jan-25 Bono (18 Jun 2020, E1.62n, -0.08%, 2.14), 0.80% Jul-27 Obli (7 May 2020,

E1.80bn, 0.62%, 1.42x), 1.25% Oct-30 Obli (18 Jun 2020, E1.03bn, 0.53%, 3.94x),

1.0% Nov-30 ObliEi (5 Sep 2019, E0.50bn, -0.72%, 1.94x).

- RV/HISTORY: June manufacturing PMI data for Spain published on Wednesday

showed a faster turnaround than initially expected(49.0 vs 45.1 survey) and adds

to the stock of May/June data for DM economies which surprised markets. Spanish

government bonds have sold off this week with the curve bear steepening. Spreads

over bunds have narrowed with the 10-year spread trading down to 90bp from the

YTD high of 154bp in April. Given the better than expected German unemployment

claims data and sharp revision to US ADP employment estimates on Wednesday,

Spanish unemployment data for June will be key ahead of the Thursday auction.

- TIMING: Results are due out around 0940BST.