SPAIN: The sale of Eur3.3b had a bid/cover ratio of 2.27 up from 2.16 in Oct. The spread vs. Bunds narrowed to 238.4bp from 250.9bp yest.
The Spanish Senate just sent the budget back to the Government. So Congress has to vote again. It's expected to pass again, so in theory just a delay and some posturing. Not good certainly, probably not tragic either.