Spain will tap the market.....>

SPAIN AUCTION PREVIEW: Spain will tap the market for E3.5-4.5bln on Thursday. On

offer are the 0.25% Jul-24 Bono, 0.60% Oct-29 Obli, 2.35% Jul-33 Obli and the

2.70% Oct-48 Obli. 

- PREVIOUS AUCTION RESULTS (Date/Sold/Avg Yield/Bid-to-Cover): 0.25% Jul-24 Bono

( July 18, 2019 / E1.22bln / -0.21% / 2.11x), 0.60% Oct-29 Obli ( July 4, 2019 /

E1.50bln / 0.26% / 1.22x), 2.35% Jul-33 Obli ( July 2, 2019 / E1.46bln / 1.78% /

1.45x), 2.70% Oct-48 Obli ( July 4, 2019 / E1.48bln / 1.17% / 1.19x).

- RV/HISTORY: Having sold off during the first half of July, the broad-based

rally in Spanish bonds is back on. The curve has flattened with 2s10s narrowing

to 80.9bp from a July peak of 96.7bps, although yields at the very long end are

still ~10-13bp above recent lows. Spreads over bunds have held relatively steady

over the past month, while Spanish breakevens have continued to grind lower. 

- TIMING: Results are due out shortly after 0945 London time.