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Spain will tap the market.....>

SPAIN AUCTION PREVIEW: Spain will tap the market for E4.0-5.0bln on Tuesday. On
offer are the 6-month April 5, 2019 letra and the new 12-month Oct 11, 2019
- RV: The 6-month April 5, 2019 letra trades at a yield of -0.404%, down from a
high of -0.145% on May 29 and trading near the YTD yield lows.
- HISTORY: The last auction of a 6-month letra was the Mar 8, 2019 letra on
September 11 with E370.1 mln allotted at an average yield of -0.425% and
bid-to-cover ratio of 7.6x. At the last 12-month auction E4.1705bln was allotted
at an average yield of -0.372% and bid-to-cover ratio of 1.67x.
- TIMING: Results are due shortly after the auction closes at 0840GMT.

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