Spanish Sovereign
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Clashes during Catalonia’s disputed independence referendum over the weekend have taken their toll on Spanish government bonds ahead of a Bono auction on Thursday. But the country’s borrowing costs could steepen further if, as expected, the Catalan authorities declare independence, said analysts. -
The Spanish central government’s stand-off with the executive in Catalonia over an upcoming independence referendum is failing to worry Bono investors — but some bankers believe the market could soon be hit by a bout of volatility unless an agreement is reached. The Spanish situation was in marked contrast to the country’s western neighbour, as Portugal enjoyed a strong week after regaining investment grade status from S&P.
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A pair of European agencies landed in euros on Tuesday, attracting huge books and tightening their spreads, indicating a promising backdrop for NRW.Bank’s green bond scheduled for Wednesday.
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A pair of public sector borrowers are set to bring their longest dated euro benchmarks in some time on Tuesday, as underlying rates for both issuers fell slightly on Monday.
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Fitch has revised its outlook on Spain’s credit rating to positive despite the sovereign facing a potentially destabilising referendum in October.
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Spain’s Principality of Asturias sold a pair of bonds on Wednesday, coming to market for only the fourth time since its debut six months ago, according to Dealogic. A Moody’s report published on Wednesday indicated that more Spanish regions are set to come to market.
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Instituto de Crédito Oficial (Ico) sold its third social bond on Monday, printing €500m of four year paper with what bankers on the trade said was a skinny new issue premium.
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Benchmarks from the Inter-American Development Bank, KfW and Spain have now been scored in GC BondMarker. While two of the deals met with a warm reception from voters, one deal was not so popular.
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Instituto de Crédito Oficial sold its third social bond on Monday, printing €500m of four year paper with what bankers on the trade said was a skinny new issue premium.
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