HALISTER1: Spain’s New 10y Risks Cheaper Valuation to Lure Buyers: Mizuho

Spain’s New 10y Risks Cheaper Valuation to Lure Buyers: Mizuho

(Bloomberg) -- Fair value estimate for the new 10y 10/2026-04/2027 roll is around +10bps, Mizuho’s rates strategists Peter Chatwell and Antoine Bouvet write in note.
  • According to Mizuho, strong performance of Spain and of the 10-year sector “raises the risk that a cheaper valuation might be needed to attract a large amount of bids”
  • NOTE: Spain has mandated Barclays, BBVA, BNPP, CaixaBank, Citi and Santander for a new 10y
  • NOTE: Spain has issued EU9b-10b of syndicated 10-year bonds every January during the last three years
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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Antoine Bouvet (Mizuho Financial Group Inc)
Peter Chatwell (Mizuho Financial Group Inc)

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