Spain sells EUR 5.34bln vs exp. EUR 4.5-5.5bln 2.35% 2029, 3.00% 2033 and 3.50% 2041 Bono and EUR 0.592bln vs exp. EUR 0.25-0.75bln 1.15% 2036 IL
- 2.35% 2029: b/c 2.24x (prev. 2.42x) & average yield 2.398%(prev. 2.341%)
- 3.00% 2033: b/c 1.84x (prev. 1.81x) & average yield 2.859% (prev. 2.905%)
- 3.50% 2041: b/c 2.13x (prev. 2.03x) & average yield 3.605% (prev. 3.616%)
- 1.15% 2036 I/L: b/c 2.09x (prev. 1.9x) & yield 1.29% (prev. 1.51%)
Context
Spain's bond auction saw solid demand with total sales exceeding expectations, indicating ongoing investor interest in Spanish debt. While yields saw slight changes, the coverage ratios were generally stable, suggesting a healthy appetite for longer-dated securities, which could provide insights into market expectations regarding rate stability and inflation. This development may influence overall sentiment in the fixed-income market, potentially tightening spreads in Spanish bonds relative to peers.
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