Spanish Sovereign

Borrowers in the eurozone’s periphery can do no wrong at the moment and nor can any wrong be done to them, it seems. Madrid has smashed its longest tenor record with a private placement, which came amid a series of strong data and rating actions for the eurozone periphery. The Spanish and Portuguese sovereigns are set to benefit from the optimistic conditions when they auction debt later in the week.

Read on to see how deals priced earlier in the year are faring in secondary. Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

Read on to see how benchmarks priced in January are faring in the secondary market. Trading levels given are the bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

Spain’s five year borrowing costs dropped for the 10th auction in a row on Thursday, as tough market conditions in the early part of the week became just a footnote in the eurozone recovery story. Italy — the only peripheral eurozone sovereign other than Greece yet to syndicate this year — is up next, with an auction of medium to long term debt on February 13.

Read on to see how benchmarks priced in the first three weeks of the year are performing in the secondary market. Trading levels given are the bid-side spreads versus mid-swaps and/or an underlying benchmark bond as of Thursday's close. The source for secondary trading levels is Interactive Data.

The Community of Aragon made it a triple whammy for Spanish issuers over the past fortnight as the issuer printed its largest ever bond on Thursday, matching similar records for Madrid and the Spanish sovereign.

The Autonomous Community of Madrid showed that sovereigns are not the only issuers welcome in the seemingly never ending parade of barnstorming peripheral eurozone bond syndications since the turn of the year on Tuesday. The region sold its largest ever bond at a pre-crisis spread over Bonos, leaving a clear space in the pageant for other Spanish regions to seek suitors in the coming weeks.

The Autonomous Community of Madrid is set to sell its first euro benchmark in a year this week, while Instituto de Crédito Oficial could return to the Samurai market after a nearly four year absence. The potential trades come after Spain wowed the market by printing the largest eurozone sovereign deal in history last week.

The rampant start to 2014 by peripheral eurozone sovereigns is clear to see in this week's funding scorecard, with the region's comeback kids Ireland and Portugal halfway and a quarter way through their funding programmes already. Spain has also made promising progress in its attempt to hit what is its largest ever funding target, with nearly a fifth of its total already in the bag. Italy will look to move into double figures from its 4% status in the coming weeks with a widely expected syndication.

The Spanish Treasury wowed just about everyone this week with a 10 year deal that generated a mind-boggling level of demand. Is it time to start worrying about a bubble?

Spain presented the most convincing argument yet that the eurozone sovereign debt crisis is just a distant memory for many investors on Wednesday, when it printed the largest sovereign syndication in history.

Spain shaved nearly 20bp from its 12 month and six month funding costs at auction on Tuesday, as bankers waited impatiently for a first syndication of the year from the issuer.