SSAs in bloom despite Spanish clouds
The sovereign, supranational and agency new issue market blossomed into life this week after a dormant Easter. Initially the volatility caused by growing pessimism over Spain’s economy meant only the highest-rated or rarest names could entertain deals. But less frequent issuers, L-Bank and Municipality Finance joined in on Wednesday as confidence crept back after a successful Spanish bills auction the day before. Spain’s big test, however, comes on Thursday, when it auctions five and 10 year bonds.
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