Spanish SSAs widen MTN spreads
Spanish sovereign and agency private placement volumes have fallen sharply during the last three months. The decline has come even as credits that can still print have posted wider levels as Spanish yields have been engulfed in volatility.
Total volume was $5.1bn in December, $4bn in January and $3.7bn in February, according to Dealogic. Since then just $1.5bn has been sold. In 2012 the vast majority of volume has come from Ico. The sovereign has not issued private placements since May 2011.
"A lot of Spanish issuers
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