Orders rain on the regions as Spain sustains the show

By Craig McGlashan
31 Jan 2014

Spain brushed off the threat of contagion from Latin American volatility this week as two of its sub-sovereigns harnessed investors’ fierce appetite for peripheral debt with record-sized deals at close to pre-crisis pricing, writes Craig McGlashan. Madrid and Aragon’s home runs paved the way for more now that the Tesoro has again tightened the spread over the sovereign at which the regions may print.

“The Treasury has told us that it could tighten further this year depending on the evolution of the market so it will probably reach plus 50bp within the year,” said Jose Moreno, CFO, managing director at the Regional Government of Madrid. “It’s a good strategy.”

The Tesoro imposed a ...

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