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Spain's Tesoro.........>
SPAIN T-BILL AUCTION PREVIEW: Spain's Tesoro Publico re-open 6-month Feb 16,
2018 Letra and issue a new 12-month Aug 17, 2018 Letra on Wednesday for a
combined amount of between E4bln to E5bln.
- RV: For the 6-month Feb 16, 2018 Letra, mid-yield is currently trading at
-0.431%, towards the bottom of its 1-month range of between -0.331% and -0.432%.
As for the new 12-month Aug 17, 2018 Letra, the grey market is indicating a
mid-yield of around -0.382% which is a spread of -3.15 vs Eonia and a 3bp pick
up from the July 13, 2018 Letra.
- HISTORY: For comparison at the last 6-month auction back on Jul 11, the Tesoro
sold E825mln at average yield of -0.41% with cover 2.80 times. At the last
12-month Letra auction also on Jul 11, the Tesoro sold E3.725bln at average
yield -0.374% and covered 1.94 times.
- REDEMPTION: There is a Spain Letra redemption of E8.268bln this week leaves
net cash flow positive to the tune of E3.268bln which is seen underpinning
demand.
- TIMING: Results are due to be announced at around 0840GMT.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.