Fade sparks demand despite Portugal’s fall

Spain’s Electricity Deficit Amortisation Fund (Fade) this week underlined the success of the country’s sovereign credits in distancing themselves from the eurozone debt crisis. Despite launching on the day the Portuguese prime minister quit, making a bail-out a near certainty (see separate story) and sending Irish and Greek spreads wider, the agency’s Eu2bn 10 year achieved a heavy oversubscription.