More interestingly, Spain issues a bond minus a govt:
The trend for ultra-long European bond sales is gathering pace.
Spain is the latest euro-region sovereign to sell 50-year bonds, with an issue via banks that priced Wednesday. It follows half-century deals last month from France and Belgium as countries take advantage of historically low interest rates to issue ultra-long debt. Italy’s debt agency said in a statement Tuesday that it was “evaluating” demand for a possible 50-year offering.
Selling ultra-long bonds in a year when Spain hasn’t even had an elected government shows the power of the ECB’s QE to support debt markets. Following inconclusive elections in December, Spaniards will head to the voting booths for the second time in six months on June 26 with opinion polls showing that, once again, no party is likely to win a majority.
The deal comes in a busy week of issuance for Europe. Portuguese bonds outperformed most of their euro-area peers on Wednesday after the nation exceeded its target at a sale of 10-year securities. Germany also sold two-year notes, while Italy offers debt on Thursday.
Bond markets not worried over not having a govt..