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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 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.

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