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Spain will tap the market.....>

SPAIN AUCTION PREVIEW
SPAIN AUCTION PREVIEW: Spain will tap the market for E4.0-5.5bln on Thursday. On
offer are the 0.0% Apr-23 Bono, 2.15% Oct-25 Obli and the 2.70% Oct-48 Obli.
- RV/HISTORY: Demand for SPGBs has proven particularly robust so far in 2020
with the recently syndicated 10-year bond raising EUR10bln with an order book in
excess of EUR52bln. SPGB yields have inched lower over the past week and the
curve has bull flattened. Relative to the comparable EUR swap, the 2.15% Oct-25
Obli trades 19bp outside and the 2.70% Oct-48 Obli trades 95bp outside.
Attention is focused on Thursday's ECB meeting. Although there is no expectation
for a change in policy, any additional details around the strategic review could
be market moving. 
- TIMING: Results are due out at 0945GNMT

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