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SPAIN T-BILL AUCTION RESULTS

3/9-month letras

EGB OPTIONS

Aug Bund 1x1.5x1 Call Fly Buyer

BOND SUMMARY

EGBs-GILTS: Constructive Start

EUROZONE ISSUANCE

Clarify: NGEU not NEGU

EUROZONE ISSUANCE

NEGU 10y - final spread set

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SPAIN MAR IND PRD +0.4% M/M, +12.4% Y/Y; FEB -0.1% M/M

  • Spanish IP rebounded to 0.4%, slightly short of market expectations of a 0.5% uptick.
  • Feb's reading was revised down to -0.1% from 0.0% reported previously.
  • Annual production surged to 12.4% in Mar, reflecting base effects due to the sharp decline at the beginning of the crisis.
  • Mar's uptick was led by a 1.1% increase in consumer non-durable goods output, followed by durable consumer goods output rising by 0.7% on a monthly basis.
  • Intermediate goods output edged up 0.4% in Mar, while energy output was flat.
  • Capital goods production saw the only decline among the main categories, falling by 0.4% in Mar.
  • The clothing and textile industries saw the largest monthly gains, rising by 19.9% and 13.6%, respectively.
  • On the other hand, tobacco production recorded the larges drop, down 11.7% m/m.

Source: Ine