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Free AccessSpain's Tesoro.........>
SPAIN T-BILL AUCTION PREVIEW: Spain's Tesoro Publico re-open 6-month Jan 18,
2018 Letra and issue a new 12-month Jul 12, 2019 Letra on Tuesday for a combined
amount of between E4bln to E5bln.
- RV: For the 6-month Jan 18, 2018 Letra, bid-yield is currently see at -0.371%,
towards the middle of its 1-month range of between -0.347% and -0.408% according
to Tradeweb and is -5bp vs Eonia. As for the new 12-month Jul 12, 2019 Letra,
the grey market is indicating a mid-yield of around -0.35% which is 1.5bp
discount to the Jun 14, 2019 Letra and +0.65bp vs Eonia.
- HISTORY: For comparison the last 6-month auction back on Jun 6, the Tesoro
allotted E930mln at average yield of -0.468% with cover 2.74 times. At the last
12-month Letra auction also on Jun 6, the Tesoro sold E4.545bln at average yield
-0.348% and covered 2.59 times.
- REDEMPTION: There is a Spain Letra redemption of E7.1bln this week which could
leave net cash flow negative to the tune of E2.1bln 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.