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Thursday sees the Tesoro......>

SPAIN AUCTION PREVIEW
SPAIN AUCTION PREVIEW: Thursday sees the Tesoro Publico tap the market for a
combined E3.5-5.0bln. Nominal bonds account for E3.0-4.0bln - the 0.05% Oct-21
Bono, 5.90% Jul-26, and 2.35% Jul-33 Oblis - with the 1.00% Nov-30 Index-linked
Obli accounting for E0.5-1.0bln.
- HISTORY: The latest auction of the above bonds is listed below. 
0.05% Oct-21: average yield -0.05%, cover 2.13x, auction on Jan 17 2019. 
5.90% Jul-26: average yield  0.95%, cover 1.40x, auction on Jul 19 2018. 
2.35% Jul-33: average yield  2.11%, cover 1.45x, auction on Nov 22 2018. 
1.00% Nov-30: average yield  0.24%, cover 2.15x, auction on Aug  2 2018.    
- BACKGROUND: The Spanish economy has been the surprise package of the Eurozone
so far in 2019. It's January composite PMI reading of 54.5 showed it's
resilience against the economic slowdown around it's borders. Concerns still
remain around Spain's fiscal policy and debt level, with the European commission
on Tuesday warning of sky rocketing debt over the next 10 years.
The 3yr currently trades at -0.057%, 7yr at 0.728%, and 15yr at 1.785%. 
- TIMING: Results are due shortly after the auction closes at 0945GMT. 

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