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

SPAIN T-BILL AUCTION PREVIEW
SPAIN T-BILL AUCTION PREVIEW: Spain's Tesoro Publico sells a new 12-month Sep
13, 2019 letra and re-opens the 6-month Mar 8, 2019 letra for a combined
E4-.0-5.0bln on Tuesday.
- RV: The 6-month Mar 8, 2019 letra trades at -0.422%, down from a YTD high of
-0.191% on May 30 and trades 6.7bps inside 6m EONIA. 
- HISTORY: For comparative purposes, at the last 6-month letra auction on August
14 the Tesoro allotted E335mln at an average yield of -0.419% and bid-to-cover
ratio of 10.1x. In addition, E4.2bn was allotted for the 12m letra at an average
yield of -0.362% and bid-to-cover ratio of 1.7x
- REDEMPTION: There is a E7.3bln Spanish redemption this week which should
support the auction.
- TIMING: Results are due shortly after the auction closes at 0840GMT.

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