According to the Catalan government, there....>

SPAIN: According to the Catalan government, there was a 42% turnout in the

referendum and 90% of the population voted in favour of independence. The

Catalan President, Carles Puigdemont has interpreted the result as allowing

Catalonia to declare independence unilaterally.

- Over the next few days, the outcome of the vote will be discussed in the

Catalan Parliament and a declaration of independence is expected.

- This issue is not going away for PM Rajoy.

- Jan von Gerich at Nordea says that the Catalan issue matters a lot outside of

Spain because independence would require Catalonia to leave the EMU and EU and

secondly "Catalonia is by far not the only region within a Euro-area member that

has a desire for independence", with Belgium and Italy providing two of several

examples.

- Writing before the market open today Nordea write "Given current pricing,

which does not illustrate any real risk premia in Spanish assets related to the

Catalan issue, Spanish assets should suffer in the near term."