Spanish Sovereign
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While Tuesday brought a flurry of euro benchmarks, the pace of issuance will slacken on Wednesday as the market battens down for a busy week of US data announcements. -
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While European Central Bank president Mario Draghi kept firmly to his course of accommodative monetary policy at Thursday’s press conference, the euro strengthened further against the dollar, dragging Bund yields up with it. Lewis McLellan reports.
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Spain’s 10 year benchmark weighed in at €10bn on Tuesday — its largest deal in four years — and drew an astonishing book of over €43bn.
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Spain, fresh from an upgrade to its Fitch credit rating, hit screens on Monday to announce a new 10 year euro benchmark. The sovereign will share the market with Agence Française de Développement (AFD).
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January’s impressive pipeline of sovereign issuance is starting to unload, as Italy and Portugal hit screens on Tuesday for their first syndications of the year.
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The people of Catalonia will on Thursday vote in a snap regional election called following the independence referendum earlier on October 1, which caused the Spanish national government to take control of the Catalan parliament.
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Cores, Spain’s strategic oil reserves manager, has returned to capital markets for the first time in two years, defying Spain's political turmoil to raise €400m while slashing 7bp from its initial spread.
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The public sector market for euro paper is providing superb execution for those borrowers that still have needs in the currency — but those are few and far between.
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Cores, Spain’s strategic oil reserves manager, has picked banks for a roadshow to promote a euro bond, just as Spain faces its most severe political turmoil in years. But Spanish bond prices, bolstered by European monetary policy are more than weathering the storm.
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Cores, Spain’s strategic oil reserves manager, has picked banks for a roadshow to promote a euro bond, just as Spain faces its most severe political turmoil in years.
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Investors appear emboldened by news of a snap election in Catalonia, returning to Spanish government bonds and pushing yields down to near two month lows.
