June 2011
Best borrowers 2011: Spanish Treasury reports shift in investor attitudes
Investors are taking a more enlightened stance towards Spanish Treasury funding.
Ignacio Fernández, head of funding at the Spanish Treasury, has noticed a conspicuous change in the reception given to his team in roadshows over the past year or so. "We’re no longer being asked about how Spain is affected by what’s happening in other peripheral eurozone economies," he says. "Investors are asking much more detailed, concrete questions about the Spanish economy and about the specifics of our debt management metrics."
He adds: "We’re not immune to information shocks. Nobody is. But what we have noticed recently is that when our spreads have widened in response to information shocks, they have tightened again much more quickly. That is a...
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