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

SPAIN AUCTION PREVIEW: Spain's Tesoro Publico re-opens the SPGB 0.4% Apr-22,

SPGB 5.9% Jul-26 and SPGB 4.7% Jul-41 on Thursday for between E3bln-E4bln along

with linker issue SPGBei 0.3% Nov-21 for E250mln-E750mln indicative size.  

- BACKGROUND: If the Tesoro sells max size then it achieves E98bln in gross

issuance or approx 74% of 2017 target, according to Market News calculations.

The auction is seen underpinned by redemption payment E20.1bln on July 30.

Overall, Spanish debt continues to trade well vs German Bunds but has

underperformed vs Italian BTPs for the past few weeks.

- RV/HISTORY: The 5-year SPGB 0.4% 2022 trades at 0.247% mid-yield -- trading

near rich level seen June 26 and little concession seen ahead of the auction.

This issue was last tapped on July 20 for E1.291bln at avg yield 0.314%, cover

3.424. The off-the-run SPGB 5.9% Jul-26 is an old 15-year and trades at 1.28%

mid-yield. This issue was last sold on May 18 -- not comparable. The SPGB 4.7%

Jul-41 trades at 2.542% mid-yield and again shows little concession into the

auction. This issue was last tapped on Apr 6 -- also not comparable. 

- RESULTS: Auction cut-off is 0830GMT, results due around 0840GMT.