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

SPAIN T-BILL AUCTION PREVIEW
SPAIN T-BILL AUCTION PREVIEW: Spain's Tesoro Publico will tap the market for
E3.5-4.5bln on Tuesday. On offer are the 6-month Jun 14, 2019 Letra and the
12-month Dec, 2019 Letra.
- RV/HISTORY: For comparative purposes, at the last respective auctions E0.6bln
of the 6-month letra was sold on November 13 at an average yield of -0.411% and
bid-to-cover ratio of 4.59x, while E3.851bn of the 12-month letra was sold at an
average yield of -0.318% and bid-to-cover ratio of 2.05x.
- TIMING: Results are due shortly after the auction closes at 1040GMT.

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