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Sources attribute the 5bp tightening in the...>

SPAIN
SPAIN: Sources attribute the 5bp tightening in the 10Y Bund-Bonos spread today
to hopes that S&P will upgrade Spain's rating when it is reassessed on Friday.
- S&P rates Spain BBB+ and gave the credit a positive outlook in March 2017.
Normally outlooks are resolved within 18 months of being assigned.
- With the threat from the Catalan situation having receded somewhat, the future
looks somewhat more certain for the Spanish credit. 
- Also, on 21 Feb this year S&P wrote a positive outlook on the Spanish banking
sector and wrote that "Thirteen of the 15 banks we rate are on positive outlook,
indicating that we could consider upgrades this year. Our unsolicited long-term
sovereign rating on Spain is also on positive outlook"

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