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

SPAIN AUCTION PREVIEW: Spain's Tesoro Publico comes to market on Thursday,

selling up to E4.5bln in nominal and inflation-linked instruments.

- Spain will be re-opening three nominal bonds for a combined E2.5-3.5bln: 0.35%

Jul-23 Bono (the benchmark 5-Yr), 1.45% Apr-29 Obli, and 2.70% Oct-48 Obli

(benchmark 30-Yr). E0.5-1.0bln of 1.00% Nov-30 SPGBEi linkers are also on offer.

- HISTORY: Feb 21 saw the most recent sale of the Jul-23 (0.16% yield at a cover

ratio of 2.44x) and the Apr-29 (1.29% yield, 1.23x cover). The Oct-48 was last

tapped on Sep 6, when it sold at 2.58% yield and 1.59x cover. The last sale of

the Nov-30 linker on Feb 7 produced real yields of 0.25% on 2.10x cover.

- RV: The timing of this auction may prove fortunate for the Tesoro, ahead of a

key ECB meeting Thursday which the market increasingly expects will produce a

dovish outcome. However, this means some value has been sapped from the Spanish

curve. 5-Yr spreads to Germany are trading at tightest levels since May 2018,

10-Yrs since Sep 2018, and 30-Yrs since Oct 2018. The 2030 linker is trading at

lowest real yields (0.106%) since mid-July 2018.

- TIMING: Results will be out around 0945GMT.