Spain answers bankers’ pleas with 10 year mandate

Spain will look to complete a capital market comeback this week when it issues a 10 year euro benchmark. The country had been written off as a bailout certainty late last year once the European Central Bank had announced its Outright Monetary Transactions scheme which almost seemed to have been concocted with assisting the Iberian sovereign in mind. But on Monday afternoon, after months of denying it would ask for assistance, the country mandated five banks to lead manage its first new benchmark in almost a year.