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Free AccessThe Tesoro Publico will tap...>
SPAIN AUCTION PREVIEW: The Tesoro Publico will tap the market for E3.0-4.0bln of
nominal bonds and E0.25-0.75bln in linkers. On offer are the 0.25% Jul-24 Bono,
1.45% Apr-29 Obli, 2.70% Oct-48 Obli and the 0.70% Nov-33 BonoEi.
- BACKGROUND: Spanish issuance is slightly lagging the euro area with 37.3% of
the 2019 target met compared to 42.5% for the wider bloc. The 0.25% Jul-24 Bono
was last tapped on April 11 with E2.69bln sold at an average yield of 0.17% and
bid-to-cover ratio of 1.32. The 1.45% Apr-29 Obli was re-opened on March 21 with
E1.23bln sold at an average yield of 1.10% and bid-to-cover ratio of 1.54x. The
2.70% Oct-48 Obli was last sold on March 7 for E0.61bln at an average yield of
2.36% and bid-to-cover of 1.49x. Finally, the 0.70% Nov-33 BonoEi was tapped on
January 1 with E0.5bln sold at a real yield of 0.75% and bid-to-cover of 2.94x.
- RV/HISTORY: Current yield levels / YTD Low>>High / asset swap spreads: 0.25%
Jul-24 Bono ( 0.117% / -0.021% >> 0.419% / 8.5bp), 1.45% Apr-29 Obli (0.962% /
0.962% >> 1.513% / 50.3bp), 2.70% Oct-48 Obli (2.137% / 2.135% >> 2.707%
115.0bp), 0.70% Nov-33 BonoEi (0.250% / 0.191% >>0.775%, 94.4bp).
- Results are due shortly after the auction closes at 0945BST.
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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.