Spain Edges Toward Rescue as Regions Aided: Euro Credit
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Spain’s bailout of its regions risks pushing the nation closer to a full international rescue after investors charged the nation more to borrow for five years than for a decade, threatening its access to debt markets.
Spain’s five-year borrowing costs briefly rose above 10-year yields today, and traded 5 basis points below the 7.57 percent rate on benchmark 10-year debt at 11.30 a.m. in Madrid. Bonds issued by Catalonia continued to fall after the region said it may tap the government’s rescue fund.