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

SPAIN T-BILL AUCTION PREVIEW: Spain's Tesoro Publico re-open 3-month Feb 16,

2018 Letra and 9-month Aug 17, 2018 Letra on Tuesday for a combined amount of

between E3.5bln to E4.5bln. 

- RV: For the 3-month Feb 16, 2018 Letra, bid-yield is currently trading at

-0.417%, close to the bottom of its 1-month range of between -0.349% and

-0.440%. As for the 9-month Aug 17, 2018 Letra, the bid-yield is seen around

-0.384% also towards the bottom end of its 1-month range of between -0.290% and

-0.398% according to Tradeweb.

- HISTORY: For comparison the last 3-month auction back on Oct 17, the Tesoro

sold E1.29bln at average yield of -0.431% with cover 2.2 times. At the last

9-month Letra auction also on Oct 17, the Tesoro sold E2.5bln at average yield

-0.329% and covered 2.73 times.

- REDEMPTION: There was a Spain Letra redemption of E7.243bln last week and with

E5.97bln allotted in 6-month and 12-month Letras, still leaves E1.273bln to be

re-invested which is seen underpinning demand.

- TIMING: Results are due to be announced at around 0940GMT.