Tail calculations:

- 3.30% Jul 2016 Bono; 3.0bps vs 2.1bps prev

- 4.50% Jan 2018 Bono; 3.1bps vs 1.8bps prev

- 5.90% Jul 2026 Obligacion; 1.8bps vs 1.8bps prev

Tesoro releases further auction results:

- Sold 3.30% July 2016 Bono at avg yield 2.442% vs 2.247% prev

- Sold 4.50% Jan 2018 Bono at avg yield 3.001% vs 2.789% prev

- Sold 5.90% July 2026 Obligacion; avg yield 4.54% vs 4.336% prev.

Tesoro sold E4.076bln vs target E3.0bln-E4.0bln

- E1.58bln of 3.30% July 2016 Bono, cover 2.24 vs 2.34 previous

- E1.345bln of 4.50% Jan 2018 Bono; cover 1.94 vs 2.24 previous

- E1.152bln of 5.90% July 2026 Obligaciones; cover 1.55 vs 1.62 previous