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Free AccessSpain'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.
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.