Spain tests appetite for euro peripherals
Appetite for Europe’s peripheral sovereigns will again be tested this week after Spain announced it has mandated Barclays Capital, BBVA, Calyon, Santander and Société Générale for a forthcoming euro benchmark. Meanwhile, Aa2/AA/AA rated Slovenia will today price its E1bn three year through JPMorgan, Société Générale and UniCredit. Guidance has been set at 165bp-175bp over mid-swaps. Other issuers in the pipeline include SFEF which is expected to return to the market next week with a two year euro benchmark, and Metropolitano de Lisboa, 100% guaranteed by Portugal which will today price a Eu400m 10 year at 215bp over mid-swaps.
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