Spanish Sovereign
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◆ Sovereign not appeared in long-end since 2024 ◆ Pricing close to fair value and to EU ◆ 'Very supportive story' around Spain -
Recent Italy syndication prompts talk of change in how sovereigns manage syndicates
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◆ Discussion 'whether window still open' amid geopolitical turmoil ◆ Debate over how much tightening ◆ Insulated from swap spread volatility
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Treasury official says stability of Bonos spreads particularly valuable against volatile political backdrop
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Retail bid to the rescue as central bank bows out
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Issuer prices deal with 2bp-3bp of concession but views divided on fair value
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The sovereign chose a 15 year tenor despite peers demonstrating demand for even longer debt
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Strong demand for euros in primary SSA market extends
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Issuer is latest eurozone sovereign to garner less investor interest than for its recent deals
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Senior official in Spanish treasury to switch jobs later this year
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Sovereign plans deal as eurozone periphery spreads widen on ECB comments
