‘DMOs have to be bold’ says Spain’s de Ramón-Laca

By Lewis McLellan
26 Mar 2020

Spain led the way back into primary bond markets in no uncertain terms this week, raising a staggering €10bn of seven year cash and demonstrating that, in spite of the worst bear market in history, investors are still happy to buy at the right price. Pablo de Ramón-Laca Clausen, director-general of the Spanish treasury, talked to GlobalCapital about the experience.

The market backdrop has improved substantially compared with last week, thanks in part to the ECB’s decision to launch its €750bn Pandemic Emergency Purchase Programme (Pepp).

That news helped to cut around 25bp off Spain’s 10 year spread to Bunds. But no one could pretend that conditions had ...

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