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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 Jun 15,
2018 Letra and issue a new 12-month Dec 7, 2018 Letra on Tuesday for a combined
amount of between E4.0bln to E5.0bln. 
- RV: For the 6-month Jun 15, 2018 Letra, bid-yield is currently see at -0.381%,
towards the top end of its 1-month range of between -0.364% and -0.403%. As for
the new 12-month Dec 7, 2018 Letra, the grey market is indicating a mid-yield of
around -0.370% which is 1.1bp discount to the Nov 16, 2018 Letra according to
Tradeweb.
- HISTORY: For comparison the last 6-month auction back on Nov 14, the Tesoro
sold E1.27bln at average yield of -0.415% with cover 2.46 times. At the last
12-month Letra auction also on Nov 14, the Tesoro sold E4.7bln at average yield
-0.39% and covered 1.57 times.
- REDEMPTION: There is a Spain Letra redemption of E7.466bln this week which
could leave net cash flow negative to the tune of E2.466bln which is seen
underpinning demand.
- TIMING: Results are due to be announced at around 0940GMT.

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