Bad news for Spain as 2010 nears end
The expansion of the EFSF’s mandate to allow the purchase of government bonds in the secondary market is the big topic ahead of the EU meeting on Thursday and Friday. Market participants fear that issuers like Spain will struggle to get market access if authorities do not take concrete measures to ensure a calm market opening in January. Meanwhile, Moody’s has put Spain on review for a possible downgrade, blaming worries about the amount of money it has to raise next year — bad news for an issuer planning Eu5bn of 10 year issuance in January. Read EuroWeek on Friday for news and views on the SSA sector.
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