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Spain aims to raise 2-3 billion euros ($2.4-$3.7 billion) from three issues of two- to seven-year debt, and secondary market prices suggest the yields will rise, even though short-term T-bill yields dropped from a month earlier at an auction on Tuesday.
Meanwhile, regulators are focusing on at least four of Europe’s biggest banks as they investigate the attempted manipulation of the region’s Euro Interbank Offered Rate (Euribor), suspecting that Barclays’ traders were the ringleaders of a circle that included Crédit Agricole, HSBC, Deutsche Bank and Société Générale.
Evidence of links between traders at all four banks and Barclays’ former euroswaps trader Philippe Moryoussef is under scrutiny, people involved in the process told the Financial Times.
Societe Generale confirmed it had been contacted as part of the investigations but said there had so far been no allegation of wrongdoing, a spokeswoman for the French bank said on Wednesday.
Central bankers and regulators will hold talks in September on whether the London Interbank Offered Rate (Libor) can be reformed or whether it is so damaged that it should be scrapped altogether.
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