Spain Leads Europe’s $25 Billion Gamble Before ECB: Euro Credit
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Nations are asking investors to stake at least 20 billion euros ($25 billion) on second-guessing the European Central Bank this week, selling the most debt in more than three months before Mario Draghi speaks on Thursday.
Spain, France, Austria and Belgium return to the market this week after a month-long pause, with Germany also selling debt. The auctions take place before the ECB’s Sept. 6 meeting in Frankfurt, where Draghi, the central bank’s president, may reveal details of a new bond-buying program. That makes Spanish debt at this week’s sale unattractive, according to Peter Allwright, head of absolute rates and currency at RWC Partners Ltd. in London.