Two of the most hotly anticipated sovereign syndications of the year struck a powerful combination blow this week in support of Europe’s periphery fightback. Italy and Spain, two borrowers that were being talked about as the next bail-out candidates barely a year ago, both priced blowout trades.
In doing so, they showed the riots that previously plagued the streets of their capitals have moved into the dealing rooms that provide them with capital. The European periphery is riding a QE-driven yield hunt back to full market access.
Despite the obvious mismatch between the insatiable appetite for