First Few Spanish Auctions Critical -Lloyds

Spain's first few bond auctions of 2013 will be critical for a judgement of the strength of demand from international investors and "will be a key indicator of how long Spain can keep avoiding asking EFSF for a precautionary bailout to activate the OMT," says Lloyds Bank. Spain's first bond auction of 2013 is scheduled for Jan. 10. Spain prefunded some 2013 needs last year, notes Lloyds. The bank's analysts remain "confident" that Spain will request financial aid in 1Q despite denials. The analysts say that a heavy funding schedule coupled with pressure from euro--zone peers should eventually dominate.

First Few Spanish Auctions Critical -Lloyds

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