Farmer's almanac

If the beginning of the olive harvest marked the high point in Spanish government yields, the last day also showed its mettle. Expansión reports that, on Wednesday, Banco Santander successfully flogged 2 billion euros of 3-year mortgage covered bonds. Bid-to-cover was 4.5 and yield turned out to be 20 bps below the bank's original guidance.

It was the first time since May that they were able to turn to public markets for their funding needs.

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