As it happened last time the success Spain has had in the bond market has emboldened the government to push back the official bailout request everyone expects to be made. Spain’s economic situation is not
sustainable, but support from the ECB in the form of the unlimited OMT program makes the sovereign debt attractive to investors that know it is backed by the central bank.
Spain sold 4.76 billion euros of debt on Thursday, including a new five-year bond and its first longer-term issuance since May 2011, in an auction which drew healthy demand.
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