Spain plans 10-year syndicated deal

09:25, January 12, 2011      

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Spain plans to issue a 10-year syndicated bond this month, a Treasury official said yesterday, replicating last year's issuance pattern as jittery markets push its yield spreads near euro-era highs.

"If market conditions allow we are planning a 10-year syndicated deal later this month, although no mandate has been given yet to any group primary dealers," public debt manager at the Spanish Treasury Ignacio Fernandez-Palomero Morales said.

"It remains part of the natural syndication process as the current 10-year issue will reach in the near term its maximum targeted size and we traditionally sell a new 10-year in January," he said.

The Spanish Treasury regularly syndicates new benchmarks of 10-, 15- and 30-year bonds.

This is done whenever it considers that the current maturities have reached targeted liquidity levels, the official noted.

Last year Spain's Treasury syndicated a 10-year transaction in January and a 15-year in February.

Source: Shanghai Daily
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