Thursday, 15 January 2009

Easy 3,600 million euros

Spain's Treasury sold 800 million euros of debt more than they expected to at reasonable rates (given current market conditions).

Yield of 4.47% for 15 year bonds (less than 80 basis points above 15-year bunds) and 4.84% for 30 year bonds (107 basis points above 30-year bunds).

So despite all the hype about S&P's potential downgrade, no funding crisis for the government ...

... yet.


  1. Is the bund spread calculated against the most recent successful German issue? If that's the case, one has to take into account last week's bund fail and bump the German rate up to one in which they would have sold the issue. ¿no?

    Con referencia a la entrada anterior, S&P ya (por sus ratings subprime) no influye tanto como antes.

  2. The spread against the bund quoted in this post is simply taken from the 15 and 30-year bund yields at

    That's OK, isn't it?