– Australia employment disappoints
– Singapore electronic exports weaker than expected
– Spain to issue 2015, 2018, and 2041 bonds
What to watch for today
EUR: Spanish auction. Spain will be back in the market today offering 2015, 2018, and 2041 paper. The successful outcome of Spain’s first bond auction of the year, held last week, combined with the generally improved sentiment on Europe and increased investor demand for yield bring us to expect a constructive auction outcome. This said, our European rate strategists caution against excessive optimism on Spain. Unlike all other peripheral European countries, Spain faces an increased funding schedule in 2013 compared to last year, and our rate strategists note the auctions scheduled for Q1 are below average size, setting the stage for more challenging funding conditions later on in the year.
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