| Value has recently returned to Spanish bonds, the result of a disinflation policy which has begun to bear fruit and a European-wide convergence process which is making rapid advances as the all-important date of January 1, 1999 approaches. Spanish yields may fall to as low as 8% to 8.25% at 10 years as a result of this process in 1996, representing a narrowing of the yield spread over Germany towards 200bp this year and 150bp next. |
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