Spain
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◆ Deal is the fourth EuGB labelled hybrid ◆ Issuer punches through fair value... ◆ ...and gets its tightest senior/sub spread -
◆ Sovereign not appeared in long-end since 2024 ◆ Pricing close to fair value and to EU ◆ 'Very supportive story' around Spain
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Treasury director Rodrigo Robledo says investor relations work has paid off
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◆ Multiple times subscribed ◆ High quality interest ◆ SSA market open despite lunar new year and carnival holidays
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◆ Spanish bank offers small NIPs for dual tranche deal ◆ Deal useful benchmark for other Spanish bonds ◆ Skew in demand reflects sensitivity at long end, says banker
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◆ Madrid plans 10 year deal ◆ Bpifrance set to launch EuGB ◆ MuniFin 'rare and well regarded'
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Recent Italy syndication prompts talk of change in how sovereigns manage syndicates
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◆ German city state brings rare 20 year ◆ Pricing was tighter than peers' secondary ◆ Andalucía joins Basque from Spain
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◆ First deal from regions and agencies in Spain this year ◆ Bond lands just 4bp over Bonos ◆ How far can Spanish SSAs go from here?
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◆ Spanish entity hits market with tight, opportunistic trade ◆ Some attrition as deal priced through inflection point ◆ Trade lands through fair value
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Threat of tariffs between Nato allies push EGB yields down but 'sustainable shift into risk-off' not expected — yet
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◆ Airport operator lands second deal ◆ Higher yields driving higher demand ◆ Investors looking for yield over spread at longer tenors
