Quebec Bonds Show Scottish Separatists Size Matters: U.K. Credit
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As Scotland’s nationalists step up their campaign to leave the U.K., markets elsewhere suggest independence isn’t popular with bond investors.
Yields on Quebec’s 10-year securities declined after separatists in the Canadian province lost ground in an April 7 election. The premium Catalonia pays to borrow compared with the Spanish state fell yesterday to the lowest since at least 2012 after lawmakers rejected plans for an independence referendum. Catalans want a vote about two months after Scots decide on their constitutional future on Sept. 18.