Spain seizes the moment and avoids rout in government bonds

摘要

Spain caused a stir last week when it came to market in the face of persistent headline risk. But the decision to seize the window despite the uncertain backdrop looked a brilliant one in retrospect, after a record sell-off in Bunds later in the week played havoc with the markets and Greece's failure to make an IMF repayment added to the uncertainty. The deal was the first test of investor appetite for peripheral eurozone sovereign debt since the end of April when fixed income volatility took hold in Europe.