Spanish pricing confusion dents bond market revival
The Kingdom of Spain took its capital markets revival up a notch on Wednesday with its first syndicated bond since March 2011. But rather than risk an entirely new issue, it took the unusual step of issuing a €4bn tap of its 5.85% January 2022 bond. With one senior SSA banker suggesting that the pricing tactics looked what could generously be called opaque, the tap may have taken the gloss off the Spanish comeback for now.
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