LONDON, May 3 (Reuters) - Spain is expected to draw solid demand for its bonds at auction next week, with bets the ECB will further ease monetary policy likely to suppport investor appetite for higher returns than those offered by German debt.
* Spain will offer 2016, 2018 and 2026 bonds for an estimated 4.5 billion euros on Thursday.
* Spanish five-year yields were down 4 basis points at 2.78 percent on Friday while equivalent German yields were at 0.33 percent, up 6 bps on the day.
* On Wednesday, Germany will offer 5 billion euros of five-year bonds.
* Although German Bunds have underperformed other euro zone bonds as investors hunt yield, demand for the euro zone's lowest-risk debt has risen as speculation has grown that the ECB may cut its deposit rate below zero.