EUROS

摘要

Belgium marked the start of the auction week on Monday with taps of five-year and 10-year OLOs. It sold €870m of the OLO 67 and €1.13bn of the OLO 72 with solid cover ratios of 1.43 and 1.53, respectively. There followed a quiet few days until Thursday, when Spain, France and the UK were all active in the market. First to step up to the plate was spain, with taps of three, five and 30-year Bonos. It sold a total of €3.037bn across the three issues on offer, just through the upper end of the expected €2bn-€3bn range. The fill on the three-year, the 0.5% October 2017, was €1.209bn, which came with a cover of 3.28:1, well down on the 4.04:1 seen at the last auction of this bond three weeks ago. The cover on the on the five-year, the 1.4% January 2020, came in 2.77:1 on a fill of €1.257bn, while the balance on the 4.7% July 2041 attracted a cover of 2.35.