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

SPAIN T-BILL AUCTION PREVIEW: Spain's Tesoro Publico re-open 6-month Aug 17,
2018 Letra and issue a new 12-month Feb 15, 2019 Letra on Tuesday for a combined
amount of between E3.5bln to E4.5bln. 
- RV: For the 6-month Aug 17, 2018 Letra, mid-yield is currently see at -0.452%,
towards the middle of its 1-month range of between -0.429% and -0.478%. As for
the new 12-month Feb 15, 2019 Letra, the grey market is indicating a mid-yield
of around -0.428% which is 0.5bp discount to the Jan 18, 2018 Letra and -8.2bp
vs Eonia.
- HISTORY: For comparison the last 6-month auction back on Jan 16, the Tesoro
sold E590mln at average yield of -0.459% with cover 4.68 times. At the last
12-month Letra auction also on Jan 12, the Tesoro sold E3.575bln at average
yield -0.402% and covered 1.72 times.
- REDEMPTION: There is a Spain Letra redemption of E7.692bln this week which
could leave net cash flow negative to the tune of E3.192bln which is seen
underpinning demand.
- TIMING: Results are due to be announced at around 0940GMT.

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