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

SPAIN T-BILL AUCTION PREVIEW
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.

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