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Free AccessSpain's Tesoro.........>
SPAIN T-BILL AUCTION PREVIEW: Spain's Tesoro Publico re-open 6-month Mar 9, 2018
Letra and issue a new 12-month Sep 14, 2018 Letra on Tuesday for a combined
amount of between E4.5bln to E5.5bln.
- RV: For the 6-month Apr 6, 2018 Letra, mid-yield is currently trading at
-0.392%, towards the bottom end of its 1-month range of between -0.317% and
-0.392%. As for the new 12-month Oct 12, 2018 Letra, the grey market is
indicating a mid-yield of around -0.335% which is 0.2bp discount to the Aug 17,
2018 Letra according to Tradeweb.
- HISTORY: For comparison the last 6-month auction back on Sep 12, the Tesoro
sold E595mln at average yield of -0.386% with cover 4.94 times. At the last
12-month Letra auction also on Sep 12, the Tesoro sold E4.491bln at average
yield -0.363% and covered 1.33 times.
- REDEMPTION: There is a Spain Letra redemption of E7.76bln this week which
could leaves net cash flow negative to the tune of E2.26bln 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.