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EGB SYNDICATION: Spain 10y: Spread set
Jun-07 08:58
- Final spread set at 0.70% Apr-32 +11bp (guidance was +12bp area)
- Maturity: October 31, 2032
- Books in excess of E30.5bln (inc JLM interest)
- Coupon: Annual, act/act, short first
- Settlement: June 14, 2022
- Bookrunners: Barclays, BBVA, CA-CIB, DB, JPM (B&D), MS
Source: Bloomberg
BONDS: Continued unwind since the EU Govie open
Jun-07 08:50
- Continued unwind in Govies, not too surprising after Bund fell for the past 8 sessions and German Yields recorded new multi year high overnight.
- Small resistance in Bund moves down to 149.78, followed by 150.07.
- Italy leads in EGBs, up 113 ticks, pushing the BTP/Bund spread tighter, by 5.1bps to 203.00bps.
- Gilt and Tnotes are lagging somewhat, and the Gilt/Bund and Tnote/Bund spread drifts wider, albeit by just 0.7bps.
SPAIN T-BILL AUCTION RESULTS: 6/12-month letras
Jun-07 08:43
| Type | 6-month letras | 12-month letras |
| Maturity | Dec 9, 2022 | Jun 9, 2023 |
| Amount | E873mln | E4.055bln |
| Target | E4.5-5.5bln | Shared |
| Previous | E1.184bln | E3.828bln |
| Avg yield | -0.078% | 0.479% |
| Previous | -0.351% | 0.078% |
| Bid-to-cover | 2.73x | 1.32x |
| Previous | 1.70x | 1.58x |
| Previous date | May 03, 2022 | May 03, 2022 |