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Spain Will Sell Bonos/Oblis For E1.5-2.5bn On Thursday

Spain will come to market on Thursday for a tap of EUR1.5-2.5bn. On offer are the 0% Jan-26 Bono and the 0.80% Jul-27 Obli.
  • BACKBROUND: Previous auction results (date, volume, average yield, bid-to-cover): Jan-26 Bono (15 Oct 2020 EUR2.33bn, -0.35%, 2.23x), 0.80% Jul-27 Obli (17 Sep 2020, EUR0.94bn, -0.04%, 3.43x).
  • RV/HISTORY: Despite a brief reversal on the back of the recent Covid vaccine announcements, SPGBs have remained well bid on the back of heightened economic uncertainty and signaling from the ECB on December stimulus. The 10-year benchmark is now closing in on the record low yield of 0.035% set in August 2019. Both issues up for auction on Thursday have similarly been inching higher over the past week and trade only slightly outside the comparable EUR swap (Jan-26 Bono:7.1bp , 0.80% Jul-27 Obli: 17.1bp).
  • TIMING: Results are due out shortly after the auction closes at 0945GMT.

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