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10 year treasury bond sized at 5 Billion Euros

Source: Reuters - Wed 13th Jan 2010

A Spanish 10-year syndicated Treasury bond will now be sized at 5 billion euros, a report by IFR, a Thomson Reuters service, said.

Earlier IFR reported that books had closed at 8 billion euros. Pricing was 56 basis points over mid swaps, at the wide end of guidance of 53 to 56 basis points. "Today's 10-year Spanish deal looks to have been a bit of a disappointment. In many ways it has priced at almost the same level versus Bunds as the previous deal did in May 2009, but the book in May was roughly double the size," said Peter Chatwell, Calyon rate strategist.

"I think this weaker demand is reflective of the current mini-bout of risk aversion, plus there has been some well received long-end paper recently. The timing is a little strange also, as tomorrow the market will be digesting a reopening of the five-year Bonos. All in all, the conditions don't look to have been favourable for a big deal coming at this particular point in the month," he said.

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