Spain

New EU deal and year's final sovereign syndications move into focus amid continued yield sell-offs

◆ Sovereign brings fourth syndication of year ◆ Smaller book than earlier deals this year ◆ Capped deal size helps

Sale comes after the expiry last month of a pre-emptive acquisition rights agreement between the main family holding companies

◆ BBVA opts for green five year bullet ◆ Pays concession for secondary performance ◆ Outperforms SNP supply from last week

◆ Less frequent issuers bring fifth and sixth euro SNPs of the week ◆ Mid-level durations 'working well', lead says ◆ Premiums paid

◆ Books remain intact with premiums paid ◆ Investor fatigue setting in ◆ Yields falling after Iran-US peace deal progress

◆ Fragile US-Iran peace gives risk assets an excuse to rally ◆ Canaries debuts amid clash over Spanish regionals' run ◆ Dollars run dry as borrowers eye late June pre-funding, summer lull

◆ Fair value estimated ◆ 'No fatigue' despite ongoing supply ◆ Increasing international investor base

◆ Busy couple of weeks the Spanish public sector ◆ Madrid, Andalucia also printed, Basque next ◆ 1bp of NIP paid on slightly softer day

◆ Smooth return is well telegraphed ◆ Pricing behind benchmark ◆ Label's diminishing edge

◆ Market conditions worsened in afternoon ◆ Deal priced flat to fair value with minimal attrition ◆ Bucks NIP trend from recent deals

◆ Peak demand tops €3.65bn ◆ Orders stick after 37bp tightening ◆ Deal lands close to fair value