¿El Clásico? Spain's big 10yr shocks after losing €75bn of orders

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¿El Clásico? Spain's big 10yr shocks after losing €75bn of orders

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Geldscheine und Münzen vor der Nationalflagge Spaniens | Boris Zerwann/Zerbor - stock.adobe.com

A book of more than €55bn for a €10bn bond priced with a new issue premium of 1bp would be a gratifying outcome for any sovereign issuer. But Wednesday's syndication for Spain instead attracted robust criticism over price moves during bookbuilding which derailed what was on course to be the biggest order book in bond market history.

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