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'Everyone is ready for summer to be over' as SSA wave builds for Monday
Analysts discuss the scope of tightening in Bund swap spreads and the impact on SSA spreads
OATs and OLOs could weaken further versus Bunds while southern European countries and EU continue to paint a positive picture
Uncertainty looms large as presidential race far from clear and budget negotiations potentially ‘highly challenging’
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Spain should inject capital into its banks directly as equity, analysts said on Monday morning, as investors absorbed Saturday’s Eurogroup announcement supporting a loan of up to €100bn for the country’s financial sector.
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Subordinated creditors to the Spanish banks in line for a bail-out should expect to face losses, bankers and investors said on Monday. But the extent of such losses depends on details yet to be revealed about the nature of the capitalisations.
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The senior unsecured FIG market appeared revitalised on Monday as Spain’s €100bn banking sector bail-out provided issuers with the window they had been looking for to break a 10 week hiatus in benchmark sized, fixed rate supply in euros. But concerns arose over how Spain would pay the bill for the rescue package, with some concerned that senior FIG creditors could be bailed in.
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Federal States: Bremen, Hamburg, Mecklenburg-Vorpommern, Rhineland-Palatinate, Saarland Schleswig-Holstein, Thuringia
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Dismissed by strategists as illusory in the absence of any decisive action over its banks, Spain’s strong relief rally was already petering out by Thursday’s close as Fitch compounded the return of negative sentiment by downgrading the sovereign to triple-B.