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

SPAIN T-BILL AUCTION PREVIEW: Spain's Tesoro Publico re-open 3-month Mar 9, 2018

Letra and 9-month Sep 14, 2018 Letra on Tuesday for a combined amount of between

E2.5bln to E3.5bln. 

- RV: For the 3-month Mar 9, 2018 Letra, bid-yield is currently trading at

-0.558%, close to the bottom of its 1-month range of between -0.394% and

-0.587%. As for the 9-month Sep 14, 2018 Letra, the bid-yield is seen around

-0.402% also towards the bottom end of its 1-month range of between -0.373% and

-0.412% according to Tradeweb.

- HISTORY: For comparison the last 3-month auction back on Nov 21, the Tesoro

sold E1.425bln at average yield of -0.465% with cover 2.13 times. At the last

9-month Letra auction also on Nov 21, the Tesoro sold E2.8bln at average yield

-0.406% and covered 1.8 times.

- REDEMPTION: There was a Spain Letra redemption of E7.466bln last week and with

E4.601bln allotted in 6-month and 12-month Letras, still leaves E2.865bln to be

re-invested which is seen underpinning demand.

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