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

SPAIN T-BILL AUCTION PREVIEW
SPAIN T-BILL AUCTION PREVIEW: Spain's Tesoro Publico re-open 3-month May 11,
2018 Letra and 9-month Nov 16, 2018 Letra on Tuesday for a combined amount of
between E1.0bln to E2.0bln. 
- RV: For the 3-month May 11, 2018 Letra, mid-yield is currently trading at
-0.511%, close to the bottom of its 1-month range of between -0.469% and
-0.515%. As for the 9-month Nov 16, 2018 Letra, the mid-yield is seen around
-0.451% towards the middle of its 1-month range of between -0.436% and -0.465%.
- HISTORY: For comparison the last 3-month auction back on Jan 23, the Tesoro
allotted E435mln at average yield of -0.526% with cover 5.16 times. At the last
9-month Letra auction also on Jan 23, the Tesoro allotted E1.02bln at average
yield -0.473% and covered 3.77 times.
- REDEMPTION: There was a Spain Letra redemption of E7.692bln last week and with
E4.006bln allotted in 6-month and 12-month Letras, still leaves E3.686bln to be
re-invested which is seen underpinning demand.
- TIMING: Results are due to be announced at around 0940GMT

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