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Spain Will Sell Bonos/Oblis/ObliEis on Thursday

SPAIN AUCTION PREVIEW

Spain will tap the market for E3.25-4.75bn on Thursday through re-openings of the 0% Jan-25 Bono, 1.25% Oct-30 Obli, 3.45% Jul-66 Obli and the 0.70% Nov-33 ObliEi.

  • BACKGROUND: Previous auction results (date, volume, average yield, bid-to-cover): 0% Jan-25 Bono (3 Sep 2020, E0.88bn, -0.28%, 4.88x), 1.25% Oct-30 Obli (6 Aug 2020, E1.02bn, 0.26%, 3.03x), 3.45% Jul-66 Obli (21 May 2020, E1.35bn, 1.69%, 1.11x), 0.70% Nov-33 ObliEi (7 May 2020, E0.68bn, 0.38%, 1.54x).
  • RV/HISTORY: SPGBs have rallied through September, extending the broader trend in place since April. The curve has bull flattened since the beginning of the month, while spreads over bunds have held steady. Mirroring the wider regional theme, rising coronavirus infections have weighed on the economic outlook and raised the prospect of further policy accommodation from the ECB, which would be positive for the long end of the SPGB curve. France will hold an auction of L/T OATs around the same time as the Spanish auction, but we see no difficult in the market absorbing this morning's supply.
  • TIMING: Results are due shortly after the auction closes at 0945BST.
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