Spain’s early bird gets the demand in 10s

Spain FA 230
By Craig McGlashan
26 Jan 2017

Spain added another entry to its growing book of blockbuster trades this week, using a novel early-bird feature to help drum up demand for its traditional 10 year annual opener. The deal came as Italy’s spread over Spain widened, despite a court ruling that analysts said should be positive for political stability in Italy in the near term.

Spain matched last year’s 10 year opener for size, printing a €9bn April 2027. But the book of €33.4bn — the second largest ever on a Spanish syndication, according to one of the leads — outdid last January’s €29bn book, despite coming at a nearly 30bp tighter spread.

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