Barely a week after the downgrade Spanish sovereign relegated "BBB -" by the rating agency Standard & Poor's, and then the verdict is expected by Moody's, which could tip the quality of the signature Spanish in the speculative category, Madrid had an appointment with the markets today. An auction that occurs particularly monitored at the same time S & P announced that it downgrades seven Spanish banks, including the two most important Santander and BBVA. The effect MY While the fragility of the banking sector was used to crystallize the concerns of investors, two notches degradation of the sovereign rating of Spain "has negative implications on direct banks noted above the note" BBB-"of Spain, and all banks whose notes hitherto enjoyed tremendous support from the government," justified the agency in a statement. An environment not conducive to a priori trust, which has not prevented the Spanish treasure raising 3.4 billion euros at 12 and 18 months, with diminishing returns at that. Since the bank audit, preceded by the program "WTO" launched by the ECB, and the birth of the European Stability Mechanism (ESM) that can directly recapitalize banks, investor confidence in the stability of the country s is improved. Investors less nombreuxL'Espagne has taken over 12 months at a rate slightly lower than that recorded in 2. 860% against 2.978% at the previous operation on September 18. Madrid also lifted one, 463 billion at 18 months, carry a maximum rate of 3. 070% down compared to 3. 15% that the Treasury had the consent on September 18. The only downside to this auction, investors were less likely to agree Spanish debt, with a coverage ratio of 3.04 to 3.56 against due before 18 months while demand was stronger for the line coming in maturity in 12 months, evidenced by the coverage ratio, which stood at 2.71 against 2.03 earlier. On the secondary market, the Spanish bond yield remained stable at 10 years and well below the red line of 6% to 5.78% We also recommend reading this blog