No salvation in sight for Spain

August 02, 2012 12:00 am

Spain issued €3.13bn of new bonds on Thursday morning ahead of the European Central Bank suggesting that it would not be stepping into help Spanish yields with a resurrection of its Securities Markets Programme (SMP) anytime soon.

Unlock this article.

The content you are trying to view is exclusive to our subscribers.

To unlock this article:

Request demo or Login

✔ 4,000 annual insights
✔ 700+ notes and long-form analyses
✔ 4 capital markets databases
✔ Daily newsletters across markets and asset classes
✔ 2 weekly podcasts

Topics

Supras and agencies

EU curve flattens as investors favour long-dated SSA pickup

EU bonds perform, even after €30bn rise to annual issuance ceiling for 2026

Sarah Ainsworth, December 18, 2025
Supras and agencies

Ontario government bids for Toronto to host new Defence, Security and Resilience Bank

Bank organisation's president Kevin Reed had lobbied Canadian politicians to be home for new supranational

Sarah Ainsworth, December 18, 2025
GlobalCapital's Review 2025 | Outlook 2026

We are proud to publish our special report, which looks ahead to 2026 across all asset classes and recognises the best new bonds of 2025

GlobalCapital, December 18, 2025
SSA MTNs and CP

Asia rises on MTN agenda while public market pressure predicted to grow in 2026

Tight funding levels and an abundance of investor cash made for brisk MTN issuance in 2025. The story may change in 2026, with public market issuance named as one factor that could crowd out private placements. But a broadening Asian bid for MTNs offers hope for the market, writes Diana Bui

Diana Bui, December 18, 2025
SSA

The EU: bloc’s SAFE asset adds defence to jumbo programme

One of the key numbers for the SSA bond market is the EU’s borrowing need, published twice a year. The borrower has become one of the largest in the market, issuing €160bn of bonds in 2025, with a similar amount expected in 2026. It anticipates €700bn of funding needs between 2025 and 2030 in support of the various programmes it funds, including for NextGenerationEU. Now it has a new one: a €150bn instrument, which will disburse money to member states for defence in 2026. Siegfried Ruhl (pictured), hors classe adviser to the European Commission’s Directorate-General for Budget, and Balazs Ujvari, Commission spokesperson for budget and administration, spoke to GlobalCapital’s Ralph Sinclair about the issuer’s path ahead in the bond market.

Ralph Sinclair, December 18, 2025
SSA

SSAs flex pricing power in benchmark markets with lower new issue premiums

The public sector bond market digested more than $900bn of benchmark syndications in the first 10 months of 2025, close to the amount raised the previous year. New issue premiums varied by currency, with the biggest annual change in the euro market, writes Sarah Ainsworth

Sarah Ainsworth, December 18, 2025