Another blockbuster from Spain

Spain this week aimed to repeat its blockbusting 10 year deal from July 2010. With the vultures circling, the deal had to be an unqualified success. And with the borrower claiming a twice oversubscribed Eu6bn deal that tightened several basis points in the secondary market, it looks to have been exactly that. Will this trade be enough to calm markets? Meanwhile, Belgium — another country on the edge of the sovereign whirlpool — was in the market with another 10 year deal, which priced at the wide end of guidance. Spain’s agency, ICO, also looked to piggyback on its sovereign's success with a Eu1bn five year trade. These deals will set the context for the EFSF’s debut deal, expected next week. How do market insiders feel about its prospects after this week’s peripheral sovereign activity? Read EuroWeek on Friday to find out.