Spanish rally after Puigdemont's speech fragile
Tuesday’s speech from Catalan president Carles Puigdemont went some way towards restoring a sense of calm in Europe, as he stopped short of making a unilateral declaration of independence from Spain, instead offering to negotiate with the national government.
Spanish 10 year bond yields, which peaked around 1.78% last week, subsided to around 1.66% on Wednesday morning following the news. While Spanish government bonds have rallied for the moment, one investor said that they “do not offer value”.
German 10 year Bunds widened a couple of basis
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