Spanish Bonds Decline on ECB Concern as Scots Vote Roils Markets
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Spanish and Italian 10-year government bonds fell for the first time in five weeks on speculation the European Central Bank will be unable to achieve its asset-purchase stimulus goal.
Spain’s 10-year rates climbed the most in 15 months as polls showing Scotland’s independence referendum next week is on a knife-edge stoked concern the Catalan region’s autonomy bid would succeed. ECB officials damped analyst bets that it would undertake quantitative easing, while President Mario Draghi reiterated the need for the “right structural policies.” Dutch, Austrian and Belgian securities fell as euro-area nations sold 14.6 billion euros ($18.9 billion) in coupon-bearing debt.