Spain's Tesoro Publico taps...>

SPAIN AUCTION PREVIEW: Spain's Tesoro Publico taps 3-year 0.05% Jan-21, 10-year

1.4% Apr-28 and 30-year 2.7% Oct-48 in nominals on Thursday for between

E4bln-E5bln. Spain also sells SPGBei 0.65% Nov-27 for an estimated size of

between E250mln-E750mln. 

- BACKGROUND: If the Tesoro sells max size then it achieves E51.3bln in gross

issuance or approx 37% of 2018 target, according to Market News calculations. 

- RV/HISTORY: The 3-year 0.05% 2021 SPGB trades at -0.219% mid-yield -- near

recent low yield level of -0.24% and was last tapped on Mar 1 for E1.079bln at

average yield -0.034, cover 3.14. The 10-year 1.4% 2028 SPGB trades at 1.176%

mid-yield - near recent rich level of 1.15%. This was last sold on Mar 15 for

E1.61bln at an average yield of 1.363% and cover 1.28. The 30-year 2.7% 2048

SPGB trades at 2.259% mid-yield - near rich level of 2.239%. This is the first

tap since syndicated sale on Feb 21. The linker SPGBei 0.65% Nov-27 trades at a

real yield of -0.288% and was last sold on Feb 1 for E755mln at real yield of

0.017% and covered 2.7 times.

- RESULTS: Auction results due around 0840GMT.