European economy

Spain´s public deficit in 2017 was the highest in the EU

The Cost Of New €IG Debt Has Increased By 344bp In 2022 to 4%; Almost Three Times Cost Of Existing Debt

Santander’s analysts explain that the primary is practically closed. The strong market volatility has been accompanied by an almost total closure of the European primary. With only €2.3 billion in the week and with little investor appetite, as orders barely covered the nominal amount of the issue (average b/c of 1.2x). Most of the issues were of a defensive nature, being covered bonds (€750mn) and senior IG debt (€1mm), while…

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European economy

Business activity in Germany declines for second consecutive month; France activity also drops for first time in 18 months

The downturn in the German private sector economy deepened in August, as business activity fell for the second month running and at a fasterrate in August. This is according to the latest ‘flash’ PMI® data from S&P Global. The deepening downturn was linked by surveyed businesses to a combination of factors, S&P Global noted. These included uncertainty, high inflation and rising interest rates. That said, companies’ expectations registered an uptick…