Spanish and Italian corporate cash spreads rally as sentiment towards the region's financially stressed member states continues to soften. New bond issues from companies domiciled in Spain and Italy maintain strong momentum in the secondary cash market, continuing the tightening theme seen this week, says Lorenz Altenburg, head of corporate syndicate at Nomura. Telecom Italia's 5-year bond sold Thursday tightens 50bps in the secondary to 305bps, Tradeweb data show. Repsol's 5.5-year notes issued Thursday have tightened 40bps, trading around 295bps. Iberdrola's 5-year bond issued Monday has tightened 77bps to trade around 283bps. Comparable Spanish government bonds are trading at 354bps, according to Tradeweb.
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