Periphery is the new black

Spain is not averse to re-opening bond markets. In July 2010 it effectively re-opened the whole of the SSA syndicated market with a €6bn 10 year trade. However, this week’s €4bn tap of its 2022 Bonos, now that the country is firmly and unmistakably lodged in Europe’s troubled periphery, could prove to be the more meaningful trade.