Free Trial

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

SPAIN T-BILL AUCTION PREVIEW
SPAIN T-BILL AUCTION PREVIEW: Spain's Tesoro Publico re-open 6-month Jul 13,
2018 Letra and issue a new 12-month Jan 18, 2019 Letra on Tuesday for a combined
amount of between E3.5bln to E4.5bln. 
- RV: For the 6-month Jul 13, 2018 Letra, mid-yield is currently see at -0.443%,
towards the top end of its 1-month range of between -0.415% and -0.546%. As for
the new 12-month Jan 18, 2019 Letra, the grey market is indicating a mid-yield
of around -0.395% which is 3.5bp discount to the Dec 7, 2018 Letra and -6.5bp vs
Eonia.
- HISTORY: For comparison the last 6-month auction back on Dec 5, the Tesoro
sold E935mln at average yield of -0.407% with cover 3.26 times. At the last
12-month Letra auction also on Dec 5, the Tesoro sold E3.666bln at average yield
-0.375% and covered 1.69 times.
- REDEMPTION: There is a Spain Letra redemption of E7.706bln this week which
could leave net cash flow negative to the tune of E3.206bln which is seen
underpinning demand.
- TIMING: Results are due to be announced at around 0940GMT.

To read the full story

Close

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.