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Rajoy: "Ehh We're Good"

|Includes: EPV, EUFX, EUO, iShares MSCI Spain Capped ETF (EWP), ULE, UPV

Spanish Prime Minister Mariano Rajoy remarked to Parliament today that it is not certain Spain will require assistance from the European Central Bank and the now-operational European Stability Mechanism. Ironically, this is due to the ECB's decision to fully accommodate a Spanish request for help by establishing the OMT. As noted by Harvander Sian, a fixed income strategist at Royal Bank of Scotland, "The recent rally has been very much based around a promise of support."

THe uncertainty of Spain in its decision to pursue financial assistance or not from the ECB and ESM has in turn led its bond yields to soar today. The Spanish 2-year bonds are up 24 bps to 3.19% while the 10-year bonds are up 18 bps to 5.81%