Spain
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Market analysts reacted positively this week to the Spanish Treasury’s Cédulas consultation, but the thorny question of how the market will transition to the new regime has potentially negative implications. -
Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, March 9. The source for secondary trading levels is ICE Data Services.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, March 2. The source for secondary trading levels is ICE Data Services.
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Spain was able to raise €5bn of 30 year paper on Tuesday, braving difficult market conditions to close the deal. While the trade was a success, the sharp fall in the order book at the final spread indicated some investors are beginning to push back on price.
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Spain has announced another trip to the ultra-long end, electing to come to market in spite of volatility sparked by increased fears around the spread of coronavirus.
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Two SSA borrowers hit screens on Wednesday with green euro benchmarks, following a successful outing by Madrid, which saw the bond’s sustainability feature driving the spread to the tightest achieved at reoffer by a Spanish region.
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Madrid hit the market with a 10 year sustainable bond on Tuesday, raising €1.25bn at its tightest ever spread to the Spanish sovereign, selling into its largest ever book.
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Two public sector borrowers hit screens with new issues on Monday, with Belgium choosing a 20 year and Madrid opting for a 10 year sustainable bond.
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Banco Santander was the only financial issuer in the sterling market on Tuesday, tapping the currency for a non-preferred senior bond. Sterling has made a 'rocket start to 2020', according to FIG market participants.
