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The 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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