Spain's Tesoro.........>

SPAIN T-BILL AUCTION PREVIEW: Spain's Tesoro Publico re-open 3-month Dec 8, 2017

Letra and 9-month Jun 15, 2018 Letra on Tuesday for a combined amount of between

E2.5bln to E3.5bln. 

- RV: For the 3-month Dec 8, 2017 Letra, mid-yield is currently trading at

-0.471%, at the bottom of its 1-month range of between -0.421% and -0.471%. As

for the 9-month Jun 15, 2018 Letra, the mid-yield is seen around -0.36% towards

the middle of its 1-month range of between -0.311% and -0.40% according to

Tradeweb.

- HISTORY: For comparison the last 3-month auction back on Aug 22, the Tesoro

sold E610mln at average yield of -0.449% with cover 3.455 times. At the last

9-month Letra auction also on Aug 22, the Tesoro sold E1.95bln at average yield

-0.404% and covered 2.37 times.

- REDEMPTION: There was a Spain Letra redemption of E7.76bln last week and with

E5.086bln allotted in 6-month and 12-month Letras, still leaves E2.674bln to be

re-invested which is seen underpinning demand.

- TIMING: Results are due to be announced at around 0840GMT.