Free Trial

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

SPAIN T-BILL AUCTION PREVIEW
SPAIN T-BILL AUCTION PREVIEW: Spain's Tesoro Publico re-open 6-month Dec 7, 2018
Letra and issue a new 12-month Jun 14, 2019 Letra on Tuesday for a combined
amount of between E5bln to E6bln. 
- RV: For the 6-month Dec 7, 2018 Letra, bid-yield is currently see at -0.437%,
towards the bottom end of its 1-month range of between -0.089% and -0.469%
according to Tradeweb. As for the new 12-month Jun 14, 2019 Letra, the grey
market is indicating a mid-yield of around -0.36% which is 1.9bp discount to the
May 10, 2019 Letra and -1.5bp vs Eonia.
- HISTORY: For comparison the last 6-month auction back on May 8, the Tesoro
allotted E425mln at average yield of -0.488% with cover 6.22 times. At the last
12-month Letra auction also on May 8, the Tesoro sold E4.075bln at average yield
-0.414% and covered 1.81 times.
- REDEMPTION: There is a Spain Letra redemption of E7.756bln this week which
could leave net cash flow negative to the tune of E1.756bln 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.