The recent upgrade of Spain's Short-Term Foreign- and Local-Currency Issuer Default Ratings to 'F1' from 'F2' is particularly significant to short-term investors as it means Spanish government bonds can potentially re-enter the eligible investible universe for money market funds (MMFs) rated 'AAAmmf'. Should bank upgrades follow, then Spain may

Following Catalonia's unilateral declaration of independence on October 27, Madrid will act to limit the region's autonomy. While Madrid has tentatively scheduled regional elections for December 21, attempts to prevent independence will heighten the risk of social unrest and civil disobedience. Ultimately, we continue to see secession as an

Sky has launched a streaming service outside its core footprint in Europe, for the first time. Targeting Spain, following Netflix and HBO, is interesting, but we believe the structure of the market, moving towards a high level of convergence, will mean Sky will have a limited customer base to address.

Sky has launched a stand-alone streaming