Spanish GG tops Eu5bn as spreads widen
Caja de Ahorros del Mediterráneo (CAM) issued a Eu1bn five year government guaranteed bond on Monday, taking the total amount of Spanish five year GG paper issued to just over Eu5bn since the market restarted three weeks ago.
There is still demand for government guaranteed paper but at a wider level, said a banker at one of the leads. It will be interesting to see the government guaranteed sector moving forward.
Calyon, Credit Suisse, JPMorgan, LBBW and Nomura went out with guidance of 35bp area over mid-swaps,
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