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Free AccessSpain's Tesoro.........>
SPAIN T-BILL AUCTION PREVIEW: Spain's Tesoro Publico re-open 3-month Sep 14,
2018 Letra and 9-month Mar 8, 2019 Letra on Tuesday for a combined amount of
between E2.0bln to E3.0bln.
- RV: For the 3-month Sep 14, 2018 Letra, ask-yield is currently trading at
-0.560% according to Tradeweb, close to the bottom of its 1-month range of
between -0.338% and -0.712% and is -16.1bps vs Eonia. As for the 9-month Mar 8,
2018 Letra, the ask-yield is seen at -0.431% at the bottom end of its 1-month
range of between -0.132% and -0.453% and is -4.47 vs Eonia.
- HISTORY: For comparison the last 3-month auction back on May 22, the Tesoro
allotted E730mln at average yield of -0.502% with cover 2.5 times. At the last
9-month Letra auction also on May 22, the Tesoro allotted E1.22bln at average
yield -0.368% and covered 3.31 times.
- REDEMPTION: There was a Spain Letra redemption of E7.756bln last week and with
E5.475bln allotted in 6-month and 12-month Letras, still leaves E2.281bln to be
re-invested which is seen underpinning demand.
- TIMING: Results are due to be announced at around 0840GMT.
To read the full story
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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.