Spanish Sovereign
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Spain cut its long term borrowing costs at a debt auction on Thursday, as it hit the middle point of its target volume range. -
A rare public sector issuer from the eurozone periphery could bring some euro supply late in the year after hiring banks on Tuesday to run an investor roadshow.
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Spain’s nine month borrowing costs dropped to a euro-era low of minus 0.6bp at an auction on Tuesday, amid signs of investor pushback against negative yields.
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Greece’s yields screamed lower on Monday despite reports that the country’s creditors are unhappy with its government’s reform efforts. Meanwhile, Cyprus could bring a bond after completing a roadshow last week.
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Uncertainty over the make-up of the Portuguese government following an inconclusive election is playing havoc with the sovereign’s yields — but analysts warned it is not alone in suffering from potential political risk.
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Spain took itself over the 90% mark of its reduced 2015 funding programme with an auction where yields fell across the maturity curve.
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Portugal is underperforming its nearest peers in the eurozone periphery ahead of a debt auction later this week, amid tense talks to form a government for the country.
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Italy has sparked a busy week for the eurozone periphery by cutting its borrowing costs at an auction of short term debt.
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Spain’s borrowing costs dropped to their lowest levels since spring at an auction on Thursday, rounding off a week where the country outperformed its nearest peer in secondary markets.
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Spain is enjoying a strong warm-up for a debt auction this week, as its yields fell faster than its eurozone periphery peers following a Catalonian election where independence parties won just under 50% of the vote.
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Spain’s sold short term debt at the lower end of its size target on Tuesday, just a few days before a crucial regional election in the country.
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The second Greek general election of the year has returned a much more market friendly result than the first one, and SSA bankers are hopeful that a prevailing calm in the euro market could lead to some deals.
