Spain rides rally to rework debt profile with rare ALM deal

Spanish Swimmer 230x150
By Craig McGlashan
12 Jun 2014

Spain dived head first into the enticing liquidity pouring from the European Central Bank and came up dripping with cash this week, but its innovative syndication and two day switch offering combination may well be better remembered for how the ripples affected other sovereigns in the pool rather than the initial splash it made, said bankers. Craig McGlashan reports.

Raising €9bn of 10 year cash while slashing next year’s funding needs by €3.66bn on Thursday was a move that other sovereigns in the eurozone periphery are likely to have studied intently, they said.

“I don’t know of any similar ...

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