SSAs soothed but Spanish auction will be true test

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SSAs soothed but Spanish auction will be true test

December 01, 2010 12:00 am

A rethink by the ECB about its bond buy-back programme and its purchase of Portuguese government debt on Tuesday has calmed markets, bringing spreads in on much of the periphery’s government debt. A successful Eu500m 12 month bill auction by Portugal has also had a soothing effect. The next hurdle is Spain’s Eu2.75bn three year auction on Thursday. If successful, will FADE, the Spanish Electricity Deficit Amortisation Fund finally be able to issue its expected Eu2bn+ transaction, to be led by BBVA, BNPP, CA-CIB, Goldmans and Santander? Sources say the deal could come as early as Friday.

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