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Spain Will Sell Nominal Bonds & Linker For E4.75-6.25bn on Thursday

SPAIN AUCTION PREVIEW
  • Spain will sell a combination of Bono/obli/ObliEi bonds for a combined E4.75-6.25bn on Thursday. On offer are the 0% Jan-26 Bono, 0.10% Apr-31 Obli, 1.00% Oct-50 Obli and the 0.70% Nov-33 Obli-Ei.
  • Previous auction results (date, volume, average yield, bid-to-cover): 0% Jan-26 Bono (8 April 2021, EUR2.47bn, -0.29%, 1.64x), 0.10% Apr-31 Obli (22 April 2021, EUR2.23bn, 0.37%, 1.92x), 1.00% Oct-50 Obli (18 March 2021, EUR0.987bn, 1.30%, 1.55x), 0.70% Nov-33 Obli-Ei (8 April 2021, EUR0.62bn, -0.91%, 1.61x).
  • SPGBs continue to see strong demand with recent bid-to-cover ratios in the 1-3x range, while the mid-April syndication of a 2037 Obli being 7x oversubscribed. The recent history of combined Spanish and French auctions on a Thursday suggests that the market is well placed to absorb heavy supply.
  • TIMING: Results are out after the auction closes at 0930GMT.
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