Spain goes long in euros
The Kingdom of Spain is dominating the sovereign, supranational and agency sector this week as Japanese and Middle Eastern holidays restrict issuance. Spain issued Eu4.5bn of 30 year bonds at 4bp over its 2040 benchmark, achieving the tight end of plus 4bp-8bp guidance. The book size was over Eu8bn. This week’s other business includes the UK launching a 2050 linker tomorrow via Deutsche Bank, Goldman Sachs, HSBC and UBS with the size expected to be £3bn-£4bn. Read EuroWeek on Friday for market views on the two deals and to see who might follow Spain into the long end of euros.
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